The Nigerian Central Bank (CBN) has vowed to take legal action against point-of-sale (POS) providers who charge excessive fees for transactions.
Godwin Emefiele, the governor of the top bank, revealed this during a meeting with ambassadors. Emefiele, who acknowledged that there have been some issues with the Naira swap program, stated that POS operators who charge more than the allowed amount should face prosecution.
Emefiele added that although Nigerians are going through a difficult time, things shouldn’t be blown out of proportion, especially by those in positions of authority, in order to spread fear. According to Channels Television, he added that the deadline of February 10 cannot be changed.