…To meet with telcos, mobile money operators over surge in charges

By Chinwendu Obienyi

Amidst the outcry and frustrations over the Naira notes scarcity, the Central Bank of Nigeria (CBN) has appealed to Nigerians to exercise patience, describing the development as a transient and temporary phase.

This was even as the apex bank noted that it is not looking at extending the February 10 deadline while adding that it will meet with telcos, mobile money operators to address the surge in charges for cash transactions. The CBN Governor, Godwin Emefiele, disclosed this to newsmen during the press briefing on the benefits of the Naira Redesign Policy in Lagos yesterday. Emefiele stated that the CBN is mindful of the challenges some Nigerians have either faced or is facing and is addressing them.

“What we are saying and we have to admit at this initial stage on the issues and circulation we can’t put N896 billion in one day into circulation. So this is the reason that we said unfortunately we do see that there will be some transient or temporary pains, but we are appealing to Nigerians and we are begging. We are on our knees begging people to please show understanding. 

“Do not destroy bank properties because bank properties are meant to serve you. At this time that we are facing this temporary and transient situation, we crave everybody’s understanding. Please be calm”, he pleaded.

Related News

On the clamor by people to move the deadline by one more year, Emefiele said the CBN is not open to further extension of the deadline. 

“I am sure that people are going to say that only last week Tuesday, I said no, but I want to say unfortunately again, this time, we will not be looking at an extension of deadlines. This is because we at the Central bank, the deposit money banks, and other very important stakeholders, are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure.”

The CBN Governor further disclosed that the bank will meet with telcos, mobile money operators over surge in charges as regards cash transactions.

His words, “By tomorrow, we are going to have an arrangement with telcos to see how these charges at this time can be stopped. So that even if we know whatever you are making that you are 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 do not have cash in their pocket. 

By tonight, we are going to call a meeting of both the banks, mobile money agents, telcos that at this time, nobody should be charged. We would want this service to continue without charges 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 but please let us render this service so that those who are moving away from cash channels can enter into the electronic channels can please enjoy seamless use of the of these channels”.