CBN Gives Update on PoS Charges

CBN Gives Update on PoS Charges GoldenNewsNg: The Central Bank of Nigeria has asked Nigerians to remain calm as it works with the commercial banks in Nigeria to review PoS charges.

The apex bank says this will 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.

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

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

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“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.