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CBN Governor Threatens to Arrest POS Agents Charging Above N200 for Cash Withdrawals



POS Agent

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has vowed to arrest and jail any Point of Sale (PoS) agent charging customers above N200 for cash withdrawals.

This statement was made during a visit to the Ministry of Foreign Affairs, where the monetary and currency redesign policy of the bank was being discussed.

The CBN Governor emphasized that there was no need to consider any shift from the February 12 deadline despite the Supreme Court’s interim injunction restraining the Federal Government from implementing the deadline for the old naira notes.

He stated that the situation has substantially calmed down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

To avoid customers being charged extra fees, the CBN governor encouraged PoS operators to come to the CBN for compensation for any extra cost incurred in getting the new notes.

He warned that any PoS agent found charging above N200 for cash withdrawals will be arrested and jailed when caught.

In conclusion, the CBN governor’s warning to PoS agents charging above N200 for cash withdrawals shows the bank’s commitment to ensuring that customers are not taken advantage of during the currency redesign process. PoS operators are advised to comply with the directive to avoid legal actions being taken against them.