Old Naira: PoS Operators, Market Women Risk Jail Term, As CBN Threatens Arrest
The Godwin Emefiele-led Central Bank of Nigeria (CBN) has warned that the financial regulator will start arresting persons selling the Naira notes.
In a circular released on Thursday, 2, February 2023, the central bank said it learnt that persons are hawking and selling the banknotes to the public.
It was earlier gathered that Point of Sales (PoS) operators are selling the old Naira notes, charging N500 for every N5,000 withdrawal or N100 for every N1,000 withdrawal.
This publication gathered that PoS operators are buying the old N200, N500 and N1,000 notes from market women or persons in the wholesale business due to the scarcity of redesigned Naira and the non-availability of old currencies in the same denominations.
As a result, PoS operators who previously charge N100 for withdrawal of N5,000 passed the cost of buying the banknotes from market women to the customers, hence, N500 per N5000 withdrawal.
According to a PoS operator in Alagbole-Akute Road, Ifo, Ogun State, who spoke with Prime Business Africa on condition of anonymity, banks are not providing money for PoS operators, and some that are lucky to receive are given just N5000.
It was gathered that the charges vary by area and state.
