The Central Bank of Nigeria (CBN) has said it will prosecute point-of-sales (POS) operators who collect exorbitant charges on transactions.
The CBN Governor, Godwin Emefiele said this on Tuesday 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, promised 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 has 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.
He appealed to Nigerians to accept the policy.
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