:max_bytes(150000):strip_icc()/hand-swiping-credit-card-in-store-1047108580-d7f17d825f2b465cbf0db1ea84939e48.jpg "CBN To Sanctions POS Operators Over High Charges")
The Central Bank of Nigeria (CBN) through its Director, Governor's Department, Joseph Omayuku during a brief in Yenagoa, Bayelsa State capital, noted that it was fraudulent to charge over N200 for N10,000 transactions “The operational arrangement for payment agents is that they take a commission for transactions and this commission is not more than N100 or N200 for transactions of up to N10,000. “But we have heard of cases where people are being charged N1,000 or N2,000. “This is certainly fraudulent; this is a rogue operation. “So, the security agencies will be very active this week, going forward,” Omayuku said.
The CBN boss Godwin Emefiele reiterated the benefits of the naira redesign, arguing that it has helped in reducing inflation and is leading to a moderation in exchange rates. He also told the members of the corps how the nation’s economy is faring but shared concerns about increasing inflation which he attributed to insecurity, elections spending, and the effect of the global market on the economy.
According to him, the nation’s growth rate is at 3.6 percent for 2023, noting that the economy will experience what he called subdued growth owing to the scarcity of petroleum products, increased spending which is being curtailed, and increasing debt levels.
