CBN gives update on PoS charges, says it will work with banks to end cash crunch

February 4, 2023
  • The Central Bank of Nigeria (CBN) is making moves to increase the withdrawal limits
  • Godwin Emefiele stated that the bank will work with commercial banks to sanction excessive charges by PoS operators
  • He asked Nigerians to be calm as the bank is working to ensure the new notes go around

The Central Bank of Nigeria (CBN) has asked Nigerians to remain calm as it works with the commercial banks to review PoS charges to reduce the pain felt by Nigerians as they line up at ATM points and are charged exorbitantly by PoS operators as a result of the paucity of cash.

The CBN, Governor, Godwin Emefiele disclosed this on Friday, January 3, 2023, at a media briefing on the new naira note in Lagos.

CBN, Cash withdrawal limits
Central Bank of Nigeria Governor, Godwin Emefiele
Source: Getty Images

CBN begs for time to fix lapses

The apex bank’s governor pleaded with Nigerians for time to fix the lapses associated with the circulation of the newly redesigned notes.

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Emefiele said:

“In our meetings with the banks, we have told them to set up tents and chairs, and give people numbers, which I’m sure some people will say is old-fashioned. But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.

Emefiele added that he will convene a meeting with the banks to review PoS charges to allow Nigerians to get the new notes.

Withdrawal limits to be lifted

According to him, the withdrawal limits will be lifted and removed and people can go back to conducting their businesses as it has always been, the News Agency of Nigeria reported.

He said:

“Eventually, the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past.

“I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

“Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

“But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

“If you are charged, we will need to know about it. But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for a way to pay you your money.”

CBN issues fresh update on Feb 10 deadline for old naira notes as Buhari calls for patience

Recall that reported that the Central Bank of Nigeria (CBN) has reiterated that there is no plan to extend the deadline for the use of old notes.

Godwin Emefiele, CBN governor disclosed this while speaking with journalists in Lagos on Friday.

According to Emeifele the CBN, as well as deposit money banks (DMBs) were working to address the current challenges with the circulation of the new notes.


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