Naira scarcity in Nigeria: Emefiele calls for calm and assures the POS extra charges will stop soon

By: Damian Okonkwo

Nigeria's Central Bank Governor, Godwin Emefiele, has called for calm amid the ongoing naira scarcity in the country. He has assured the public that the extra charges imposed on Point of Sale (POS) transactions will soon come to an end.

Emefiele emphasized the importance of maintaining calm and avoiding panic and urged Nigerians to continue to use the available digital payment channels, such as mobile money and internet banking, which are secure and convenient alternatives to cash transactions.

According to Emefiele, the Central Bank of Nigeria (CBN) is closely monitoring the situation and working to ensure the seamless distribution of naira notes to all parts of the country. He further stated that the extra charges were imposed as a temporary measure to encourage the use of digital payment channels and reduce the pressure on the naira notes in circulation.

Emefiele acknowledged the fact that the extra charges have caused great inconveniences for some consumers and promised to review the situation and consider a withdrawal of the charges if necessary. He added that the CBN is committed to promoting financial inclusion and ensuring that all Nigerians have access to convenient and affordable banking services.

He further assured the public that the CBN is taking steps to increase the supply of naira notes in circulation by ramping up production and improving logistics. He encouraged the public to cooperate with the CBN and other relevant stakeholders to ensure a smooth resolution of the naira scarcity.

The Central Bank Governor's assurance has been well received by the public, and many are hopeful that the naira scarcity will soon be resolved. It is hoped that the CBN will continue to take proactive measures to ensure the stability of the country's financial sector and promote economic growth.