Naira Scarcity: CBN Accuses Banks, PoS Operators Of Hoarding Cash, Threatens Sanctions

The Central Bank of Nigeria says it is investigating collusion between the banks and Point-of-Sale operators over the lingering cash scarcity in the country.

It said this in a statement titled, ‘CBN cautions banks, PoS operators over availability of the naira …Provides digital feedback box to address complaints’, on Thursday.

The statement said, “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.”