The Central Bank of Nigeria has announced an ongoing investigation into possible collusion between banks and Point-of-Sale operators, suspecting their involvement in the prolonged scarcity of cash in the country.
The CBN revealed this in a statement titled, ‘CBN cautions banks, PoS operators over availability of the naira …Provides digital feedback box to address complaints,’ released on Thursday.
The statement emphasized the CBN’s concern over reported instances of collaboration between some Deposit Money Banks and PoS operators, leading to challenges in the availability of cash and disruptions in 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 statement said. It further warned both banks and PoS operators to refrain from such activities, as sanctions would be applied to those found guilty.
“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,” the statement added.
