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December 21, 2023

Naira scarcity: CBN accuses banks, PoS operators of hoarding cash, threatens sanctions

Naira scarcity: CBN accuses banks, PoS operators of cash hoarding, threatens sanctions

Central Bank of Nigeria (CBN) has threatened to sanction banks and Point of Sales (POS) operators found to be complicit in the current Naira scarcity crisis.

By Emma Ujah,  Abuja Bureau Chief 

THE Central Bank of Nigeria (CBN) has threatened to sanction banks and Point of Sales (POS) operators found to be complicit in the current Naira scarcity crisis.

The apex bank, in a statement on Thursday, urged members of the public to report infractions, especially hoarding of Naira by Banks and POS operators, in their areas to the nearest  branch to the apex bank.

The statement signed by the Ag. Director of Corporate Communications,  Mrs.Hakama Sidi-Ali,  reads in full, “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.

“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 PoS agents to the CBN branch in their locations or via the link:https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.”

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