The Central Bank of Nigeria (CBN) has issued a warning to banks and point-of-sale (POS) operators, stating that they may face penalties if found contributing to the current shortage of Naira.
In a recent statement, the CBN called on the public to report any violations, particularly instances of Naira hoarding by banks and POS operators, to the nearest CBN branch.
The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, read, “The Central Bank of Nigeria (CBN) has been alerted to potential instances of collusion between certain Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators, which could be impacting the availability of cash and disrupting the smooth circulation of the Naira.”
The CBN expressed its disapproval of such actions and is currently investigating the reported cases, which could potentially hinder the smooth operation of the economy.
The statement further warned, “The CBN strongly advises banks and PoS operators to refrain from such activities, as appropriate sanctions will be imposed on those found guilty.”
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In the meantime, the public is encouraged to utilize alternative payment methods and to report any unauthorized activities, such as capping and hoarding, by banks or PoS agents to their local CBN branch or via the provided link: https://forms.office.com/r/frZJ0f2hFQ.
