Collaborative Efforts Between Banks, PoS Operators Disrupting Naira Circulation – CBN

The Central Bank of Nigeria (CBN) has released a note of warning to Point-of-Sale (PoS) operators and commercial banks regarding the current naira scarcity in the country.

Acting Director of Communication and Public Relations, Sidi Ali, conveyed this warning in a statement issued on Thursday.

In its statement, the CBN highlighted collusion between certain Deposit Money Banks and PoS operators, negatively impacting cash availability and disrupting the smooth flow of the Naira.

The apex bank has sternly warned both parties to cease such activities immediately or face legal consequences.

This reaction from the central bank follows public complaints about the inaccessibility of the Naira to Nigerians, with PoS operators allegedly taking advantage of customers.

In addition to its warning, the CBN has advised Nigerians to explore alternative payment platforms and register their grievances through the provided digital platform mentioned in the statement.

The statement reads, “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.”