22nd December, 2023
By Paul Dada
The Central Bank of Nigeria says it has received reports of deposit money banks and Point-of-Sale operators colluding to continue to make cash scarce.
The apex bank warned the banks and PoS involved in the alleged collusion to desist from it even as it said it was investigating the allegation.
The bank said this in a statement. The statement said: “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-of-Sale 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 unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations.”