The Central Bank of Nigeria (CBN) has issued a stern warning to Point-of-Sale (PoS) operators and Deposit Money Banks (DMBs) concerning reported collusion affecting cash availability and disrupting the seamless circulation of the Naira.
The caution was conveyed through a statement signed by Sidi Ali, the Acting Director of Communication and Public Relations at CBN.
The central bank expressed concern over inappropriate actions by some individuals and announced its investigation into the reported cases that could undermine the smooth operation of the economy.
The CBN warned both banks and PoS operators to immediately cease such activities, emphasizing that relevant sanctions would be imposed on those found wanting.
The warning follows public complaints about the difficulty in accessing Naira notes while PoS operators capitalize on the situation to exploit customers.
The CBN, in response to the outcry, has urged Nigerians to explore alternative payment platforms and report any unauthorized activities, including capping and hoarding by banks or PoS agents.
It read, “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-Of-Sale 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 unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link attached to address complaints and inquiries on the subject.”
