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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    Onitsha River Port receives first container barge for 2025 season

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Shareholder’s resolutions at Guaranty Trust Bank’s Annual General Meeting

    GTBank gets ₦365.85 billion capital injection, meets new minimum capital requirement

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    DMO offers N300 billion FGN bond for auction in May

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CBN vows to sanction PoS operators over exorbitant charges

Tuesday, 14 February 2023, 1:19 pm
in News, Nigeria
0
Security features of the new naira notes revealed by the CBN
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The Central Bank of Nigeria (CBN) has vowed to prosecute Point-of-Sales (PoS) operators who collect exorbitant charges for transactions.

The CBN Governor Godwin Emefiele said this on Tuesday while meeting with members of the diplomatic corps.

PoS operators have resorted to charging between N1,000 to N2,000 for a N10,000 withdrawal, following the cash crunch caused by the CBN’s naira redesign policy.

Emefiele, who acknowledged the inconveniences caused by the naira redesign policy,  promised to prosecute PoS operators who charge above the stipulated amount.

He insisted that there’s no going back on the February 10th deadline, despite the Supreme Court order last week Wednesday

Read also: Old Naira notes no more legal tender – CBN declares

This comes as several businesses and banks across the country including Access Bank, UBA, Zenith Bank, FCMB amongst others started rejecting the old notes from Monday.

Recall that the apex bank had set January 31 deadline for the use of old notes as legal tender and deposit to financial institutions but later shifted it to February 10.

However, the scarcity of the new notes and continued issuance of the old notes by banks to their customers has made the deadline unattainable.

Following the hardship and the slowing of economic activities across the country caused by the CBN policy, Kogi, Kaduna and Zamfara States approached the Supreme Court, seeking that the CBN be restrained from going ahead with the deadline.

The Court answered their prayer and adjourned the case till February 15. While the Federal Government said it would abide by the Supreme Court order, the Central Bank had been silent until yesterday when the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza declared that the old Naira Notes of N200, N500 and N1,000 have ceased to be legal tender in Nigeria since the 10th of February, 2023.

CBN’s silence on the issue has thrown Nigerians into confusion as the old notes are now widely rejected but accepted by some.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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