CBN Goes Tough On Banks, PoS Operators over Naira Scarcity
Worried over the rising case of collusion between some Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators causing Naira scarcity in the country, the Central Bank of Nigeria (CBN) said rough times await those sabotaging the efforts of the apex bank.
The apex bank has said it would not allow individuals or groups to undermine the availability of cash and disrupt the seamless circulation of the Naira notes.
Acting Director, Corporate Communications, Sidi-Ali, Hakama, in a statement Thursday said the CBN frowned at what it describes as “inappropriate actions” by certain individuals, assuring that investigations are ongoing to address reported cases the capable of undermining the smooth running of the economy.
It cautioned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found culpable.
While encouraging members of the public to use alternative payment channels, the statement further urged them to report “any case of unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.”
