The Central Bank of Nigeria (CBN) has warned of potential sanctions against banks and Point of Sale (POS) operators implicated in the current scarcity of Naira. In a statement released on Thursday, the apex bank urged the public to report any violations, particularly instances of Naira hoarding by banks and POS operators, to the nearest branch of the central bank.
The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, reads as follows: “The Central Bank of Nigeria (CBN) has been made aware of alleged collusion cases between certain Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators, which are impacting the availability of cash and disrupting the seamless circulation of the Naira. The CBN strongly disapproves of such inappropriate actions and is actively investigating reported cases that could undermine the smooth operation of the economy.
The CBN has consequently cautioned banks and PoS operators to refrain from such activities, as appropriate sanctions will be imposed on those found guilty. Additionally, the public is encouraged to utilize alternative payment channels and report any unauthorized activities, including capping and hoarding, by banks or PoS agents. Reports can be submitted to the CBN branch in their respective locations or through the following link: https://forms.office.com/r/frZJ0f2hFQ for addressing complaints and inquiries on this matter.”
