Naira Scarcity; POS agents charging above N200 will be jailed – CBN

Godwin Emefiele, Governor of the Central Bank of Nigeria, has stated that POS agents who charge more than N200 for the CBN cash swap program will be arrested and jailed if caught.

He made the remarks on Tuesday during a visit to the Ministry of Foreign Affairs to discuss the bank’s monetary and currency redesign policy.

He said, “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

“There is, therefore, no need to consider any shift from the deadline of February 10.

Recall that the Supreme Court had restrained the Federal Government from implementing the February 10 deadline for the currency swap.

A seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the Central Bank of Nigeria and commercial banks from implementing the Friday terminal date for the old naira notes.