Old Naira Note Swapping | CBN Insists On February 10 Deadline, To Prosecute POS Operator Charging Above ₦200

The Central Bank of Nigeria has through its governor, Godwin Emefiele said that there was no need to shift the February 10, 2023 deadline, while warning that POS operators who charge above ₦200 for swapping will be charged to court and jailed.

The governor of the CBN stated this during a visit to the Ministry of Foreign Affairs on Tuesday, to discuss the monetary and currency redesign policy of the bank.

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.”

This comes as the Supreme Court earlier restrained the Federal Government from implementing the February 10 deadline for the currency swap.

He also said that Point of Sale agents who charge above N200 for the CBN cash swap programme will be arrested and jailed when caught.

The CBN governor further said that the PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new notes rather than charging a higher fee to customers.