Naira Shortage: Emefiele urges calm, says POS charges to be stopped

The CBN has called for calm, adding that it will work with banks to review POS charges to reduce the pain Nigerians feel as they queue at banks and are charged high fees by POS operators due to shortages of the new naira banknotes

This was revealed by CBN Governor Godwin Emefiele on Friday night at a special press conference on the new naira notes, in Lagos.

Emefiele says he understands the situation Nigerians are going through and asked for more time.

Comprehension: The CBN governor said they were trying to get the coin into circulation and urged Nigerians to remain calm, he said.

  • “I understand the turmoil and I am begging in the name of God, we are on our knees begging people to please show understanding. They must be calm.
  • “In our meetings with the banks, we’ve told them to set up tents and chairs and give people numbers, which I’m sure some people will say is outdated.
  • ”But at this moment that we are trying to put the currency into circulation among all, people have to have numbers and they enter with arrangements of queues that when you enter they serve you, if it ends, just be patient.
  • “For tomorrow, when you return, they will start from where they stopped, they will not fool you.
  • ”Let’s keep calm and adopt a good queuing system, the guarantee we give is that it will eventually turn around.

Point of Sale Charges: Adding that he will call a meeting with the banks and review the suspension of charges to allow Nigerians to get the new naira notes, he said:

  • “Eventually, the limits will be raised and eventually they will be removed and people will be able to transact business the way they always have in the past.”
  • “I am going to call a meeting with the banks tonight or tomorrow, if those charges are going or have been collected through the bank, we are going to have an agreement even with the telecommunications companies to see how those charges can actually at this time be stopped. .
  • “Those charges right now need to stop. So if we know what he’s doing he’s not doing because we stopped him, we can pick him up somewhere and figure out a way to pay him.
  • “But we don’t want them to continue to cause pain to those who want to use alternative channels when they can’t keep cash in their pockets.

He also added that the CBN will call a meeting of both the banks and the mobile networks, citing that no one should be charged at this time.

  • “If they charge you, we will need to know.
  • ”But we would like to continue offering this service. Whatever it is in terms of volume and number that you have made. We will find a way to pay you your money.”

In case you missed it

Nairametry previously reported Godwin Emefiele reaffirmed that the main bank is not considering extending the deadline for the redemption of the old naira notes with the newly redesigned naira notes.

Emefiele said that CBN recognizes the problems Nigerians face in accessing the new naira notes and is working to close the observed gaps in the circulation process.

It added that the main bank will extend cash swaps to microfinance banks and hire 30,000 super agents domestically as part of new measures to speed up the circulation of new naira notes.

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