Naira Scarcity: CBN warns banks, POS operators over alleged collusion

NewsroomDecember 22, 20232 min

The apex bank encourages members of the public to report hoarding through a specially created online channel as it moves to arrest naira scarcity

Naira

The Central Bank of Nigeria (CBN) has warned commercial banks and Point-Of-Sale (PoS) operators against collusion in creating artifical scarcity of the naira.

This comes on same day the House of Representatives called on the CBN to disrupt the activities of POS operators who charge exorbitant fees to provide naira notes which the banks refuse to make available to customers over the counter.

In a statement on Thursday signed by Sidi-Ali Hakama, acting director of communications of the apex bank, the CBN said it is aware of the antics of the banks and POS operators and has commenced investigations into allegations of collusion between both parties.

The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) 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 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.”

Newsroom

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