In what appears to be a response to the outcry of the citizenry over the exploitative cashback charges and other associated social monetary infractions, the Central Bank of Nigeria (CBN) has said it will prosecute Point-of-Sales (POS) Operators who charge indiscriminate fees to offer cashback demands, and other related services.

The CBN Governor, Godwin Emefiele said this on Tuesday, February 14, 2023 in Abuja during a meeting with Members of the Diplomatic Corps.

Emefiele, who acknowledged the inconveniences caused by the Naira redesign policy, including hoarding and an ‘elevated agitation’, vowed to sanction the POS Operators who charge above the stipulated amount.

The CBN Governor, however, reiterated the benefits of the Naira redesign, arguing that it had helped in reducing inflation and is leading to moderation in exchange rates.

He noted that while the transition to embracing the new Naira notes may be challenging, its benefits are enormous and far-reaching, appealing to Nigerians to accept the policy.

Checks by Kristina Reports shows that the last one month has witnessed agonising experiences amongst Nigerians over the Naira redesign policy that is marked by the exponential increase of cash withdrawal charges by POS Operators, ranging from 200 Naira for every 1000 Naira withdrawal.

Findings also show that commissions of up to 20,000 Naira is imposed on every 100,000 Naira withdrawal, just as business owners now insist that charge fees must be added to the total value of any transaction engagement.

So if a customer buys goods worth 10,000 Naira, an additional 2,000 Naira would be added to the payable amount making it a total of 12,000 Naira that would be obtained by the POS Operators.