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Naira Scarcity: CBN to sanction POS operators, banks hoarding cash

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The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point-of-Sale (POS) operators to desist from acts capable of disrupting the seamless circulation of the naira, as relevant sanctions shall be meted out to those found wanting.

The CBN frowned at alleged cases of collusion between DMBs and POS operators affecting the availability of cash and kicked against such inappropriate actions by certain individuals, stating that it is investigating the reported cases capable of undermining the smooth running of the economy.

The apex bank encouraged 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 or via a link it provided.

Sidi-Ali, Hakama (Mrs.) Ag. Director, Corporate Communications, released a statement on Thursday in which the CBN made this claim.

The statement reads, “The attention of the Central Bank of Nigeria (CBN) 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.

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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 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 Point-of-Sale agents to the CBN branch in their locations or via the link to address complaints and inquiries on the subject”.

 

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