Home Nigeria News Now CBN Begs Nigerians, vows to stop PoS ‘extra’ charges on New Naira

CBN Begs Nigerians, vows to stop PoS ‘extra’ charges on New Naira

CBN Governor - Godwin Emefiele

CBN beg Nigerians over the scarcity of new Naira notes. 

Godwin Emefiele, the governor of the Central Bank of Nigeria, has made an appeal to Nigerians for understanding and asserted that the redesigned notes will circulate and be accessible.

As the deadline for exchanging old naira notes for new ones, February 10, gets closer, the central bank promised to stop charging fees at points of sale (POS).


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Emefiele made the request at a special press briefing in Lagos on Friday about the new naira notes.

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He said that he could hear the complaints and arguments about how hard it was for people to get the new naira notes.

“I know how upset you are, and I’m begging in the name of God, we’re on our knees pleading with people to please understand. They need to stay calm.


“In our meetings with the banks, we told them to set up tents and chairs and give people numbers, which I’m sure some people will say is old-fashioned.

“But right now, when we’re trying to get the money into everyone’s hands, people have to get numbers and line up. When you get to the front of the line, you get served; if it’s full, you just have to wait.

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“When you come back tomorrow, they will pick up where they left off. You won’t be ripped off.

“Let’s just stay calm and find a good way to wait in line. We promise that it will go around in the end.

“Eventually, the limits will be raised or taken away, and people will be able to do business the way they always have,” Emefiele said.


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The head of the central bank said that banks should stop charging customers high fees at the Point of Sale (PoS) because the fees were too high.

“I’m going to call a meeting with the banks this evening or tomorrow. If these charges go through the bank or have already been charged through the bank, we’ll make a deal with the telcos to figure out how to stop these charges right now.

“Those charges should stop right now. So, if we know what you were making before we stopped it, we can find a place to keep it and try to find a way to pay you.

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“But we don’t want you to keep making it hard for people who want to use other ways to pay when they don’t have cash.


“We’ll talk about this later tonight or even tomorrow. We’re going to call a meeting of both the banks and the mobile networks. At this point, nobody should be charged, but if you are, we need to know.

“But we would like to see this service continue. No matter how many or how many you have done, whatever it is. “We will try to find a way to pay you back,” he said.


NAN says that the new N200, N500, and N1,000 notes started being used on December 15, 2022, after being unveiled by President Major General Muhammadu Buhari (ret.) in Abuja on November 23, 2022.

The CBN had originally set the deadline for collecting old naira notes as January 31 but later changed it to February 10.

The CBN governor said that the extension would give Nigerians who had earned and legally saved naira the chance to deposit their money for exchange.


The governor had told banks to put the new naira bills in their ATMs so that people in Nigeria could use them.

Thanks for reading CBN Beg Nigerians over the scarcity of redesigned new Naira notes.

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