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CBN to sanction POS agents charging above N200

“This is certainly fraudulent; this is a rogue operation."

POS Transaction

The Governor of the Central Bank of Nigeria (CBN) has warned that Point of Sale (PoS) operators who charge above N200 for the cash swap programme will be sanctioned.

The Director, Governor’s Department, CBN, Joseph Omayuku, while briefing journalists in Yenagoa, Bayelsa State, noted that it was fraudulent to charge more than N200 for transactions up to N10,000.

In his words: “The operational arrangement for payment agents is that they take a commission for transactions and this commission is not more than N100 or N200 for transactions of up to N10,000.

“But we have heard of cases where people are being charged N1,000 or N2,000.

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“This is certainly fraudulent; this is a rogue operation.

“So, the security agencies will be very active this week, going forward,” Omayuku said.

Meanwhile: In defiance of the Supreme Court order, CBN has declared that the old naira notes of N200, N500 and N1000 are no more legal tenders in Nigeria since February 10, 2023.

CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday, February 13, 2023, in Bauchi.

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