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BE AWARE!! POS Agents Charging More Than N200 Will Be Imprisoned – CBN


Godwin Emefiele, Governor of the Central Bank of Nigeria, has threatened to arrest Points of Sale agents who charge more than N200 for the CBN cash swap scheme.

When such agents are apprehended, he says they will be detained and imprisoned. Emefiele made the announcement on Tuesday during a visit to the Ministry of Foreign Affairs to discuss the bank’s monetary and currency reform policy.

He stated,

“The situation has much improved since the implementation of over-the-counter payments to supplement ATM disbursements and the deployment of super-agents.”

As a result, there is no reason to consider deviating from the February 10 deadline.”

The  previously reported that the Supreme Court had barred the Federal Government from implementing the currency swap deadline of February 10. In a unanimous verdict, a seven-member panel of the Supreme Court led by Justice John Okoro granted an interim injunction preventing the Federal Government, the Central Bank of Nigeria, and commercial banks from enforcing the Friday terminal date for old naira notes.

In addition, the International Monetary Fund last week advised the CBN to extend the February 10 deadline for exchanging old naira notes for redesigned ones. The IMF issued the advice in response to the difficulties encountered by Nigerians across the country during the banknote swap procedure.


In a statement, the IMF stated,

“In light of the difficulties posed by