CBN cautions commercial banks, PoS operators over naira scarcity

The Central Bank of Nigeria (CBN) has cautioned Deposit Money Banks (DMBs) and Point-Of- Sale (PoS) operators over collusion to trigger Naira scarcity in the country.

The CBN in a statement by the Acting Director of Corporate Communications, Sidi Ali, Hakama, declared:

“The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

“The CBN frowns at such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy.

“The CBN has, therefore, warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.

“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorized activities, such as capping and hoarding by banks or PoS agents to the CBN in their locations or via the link attached to address complaints and inquiries on the subject.”