Central Bank of Nigeria Issues Warning to Banks and PoS Operators Amid Naira Scarcity

In the wake of persistent cash scarcity linked to the redesign of three naira notes, the Central Bank of Nigeria (CBN) has issued a stern warning against collusion between Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators. Approximately a year after the policy implementation, Nigerians continue to grapple with the challenges posed by the scarcity.

In a statement released on Thursday, CBN spokesperson Sidi Ali Hakama expressed concern over the impact of collusion on the availability of cash and the smooth circulation of the naira within the country. The apex bank disclosed that it is actively investigating reported cases of collusion between banks and PoS operators, deeming such actions as potentially detrimental to the nation’s economic stability.

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“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 emphasized. “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.”

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Encouraging the use of alternative payment channels, the CBN urged the public to report any unauthorized activities, including capping and hoarding, by banks or PoS agents to the CBN branch in their respective locations. The central bank’s directive underscores the significance of maintaining transparency and fair practices within the financial sector to alleviate the ongoing challenges posed by the naira scarcity.

As the investigation unfolds, stakeholders are keenly observing the developments, and the CBN’s call for compliance serves as a reminder to financial institutions and PoS operators to uphold ethical standards in their operations. The outcome of this initiative is anticipated to have a significant impact on the resolution of the cash scarcity issue and ensure the seamless functioning of the economy.

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