Amid ongoing cash scarcity caused by the redesign of three naira notes, the Central Bank of Nigeria (CBN) has cautioned against collusion between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators.
The CBN expressed concern that such collusion is impacting cash availability and hindering the smooth circulation of the naira.
In a statement, on Thursday CBN spokesperson Sidi Ali Hakama announced that the apex bank is investigating reported cases of collusion, emphasizing its disapproval of such actions that could undermine the economy.
The CBN warned banks and PoS operators to cease these activities, stating that relevant sanctions would be applied to those found guilty.
“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 statement partly read.
“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.”
The CBN urged the public to utilize alternative payment channels and report any unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their respective locations.
Ada Peter
