CBN warns banks, PoS operators over alleged Naira hoarding - ITREALMS

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The Central Bank of Nigeria (CBN) has cautioned commercial banks and Point of Sale (POS) operators in the country over the alleged scarcity of Naira, reports ITREALMS.

CBN in a press statement available to ITREALMS and signed by the Acting Director, Corporate Communications, CBN, Mrs Sidi-Ali, Hakama alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators which have affected the availability of cash and disrupting the seamless circulation of the Naira.

She also disclosed that CBN has commenced provision of digital feedback box to address complaints.

The CBN, she said, frowned 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.