Godwin Emefiele, the governor of the Central Bank of Nigeria, has stated that point-of-sale operators who charge more than N200 for the CBN cash swap program will be arrested and imprisoned when caught.
During a visit to the Ministry of Foreign Affairs on Tuesday to discuss the bank’s monetary and currency redesign policies, he made this statement.
He said that with the introduction of over-the-counter payments to supplement ATM withdrawals and the usage of super-agents, things had much improved.
Therefore, there is no need to think about changing the February 10 deadline.
Additionally, the CBN was urged to extend the deadline of February 10 for exchanging old naira notes for newly designed ones by the International Monetary Fund last week.
The IMF provided the advice in response to the difficulties Nigerians had nationwide during the currency swap process.
In a statement, the IMF stated that it “encourages the CBN to consider extending the deadline, should problems persist in the days leading up to the February 10, 2023 deadline, should the shortage of new banknotes available to the public cause disruptions to trade and payments in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process.”
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