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The CBN has urged for calm, adding it will work with banks to review POS charges to reduce the pain being felt by Nigerians as they queue in banks and are charged high fees by POS operators due to the scarcity of the new naira notes.

This was disclosed by the CBN Governor, Godwin Emefiele on Friday night at a special media briefing on the new naira notes, in Lagos.

Emefiele says he understands the situation Nigerians are going through and urged for more time.

Understanding: The CBN Governor said they trying to get the currency in circulation and urged Nigerians to be calm, he said

  • ”I understand the agitation and I’m begging in God’s name, we are on our knees begging people to please show understanding. They should be calm.
  • ”In our meetings with the banks, we have told them to set up tents and chairs, and give people numbers, which I’m sure some people will say it is old-fashioned.
  • ”But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.
  • ”By tomorrow, when you come back, they will start from where they stopped, you will not be cheated.
  • ”Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go around.

POS Charges: He added that he will call a meeting with banks and review a stop of the charges to enable Nigerians to get the new naira notes, he said:

  • ”Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past,”
  • ”I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.
  • ”Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.
  • ”But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

He also added the CBN will call a meeting of both the banks and the mobile networks, citing that at this time nobody should be charged.

  • “If you are charged, we will need to know about it.
  • ”But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for a way to pay you your money.”

Godwin Emefiele restated that the apex bank is not considering extending the deadline for the swapping of the old naira notes with the newly redesigned naira notes.

Emefiele said that the CBN acknowledges the pains Nigerians are facing in accessing the new naira notes and are working on closing the gaps observed in the circulation process.


He added the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands as part of new measures to accelerate the circulation of new naira notes.



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