Cbn
CBN Warns Banks, PoS Operators Over Hoarding of Naira
The Central Bank of Nigeria, CBN, has warned banks and PoS operators against hoarding of the Naira.
A statement by Acting Director of Corporate Communications of the CBN, Mrs. Sidi-Ali Hakama, indicated the attention of the apex bank 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 condemned “such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy.”
Consequently, the CBN “warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.”
The apex bank advised members of the public 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 to address complaints and inquiries on the subject.
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