The Central Bank of Nigeria, CBN, has cautioned Deposit
Money Banks and Point-of-Sale operators against hoarding banknotes as the Naira
scarcity persists a few days before Christmas celebration.
The apex bank’s acting director of Corporate Communications,
Sidi Ali, made this known in a statement on Thursday night.
The CBN stressed that there is a collusion between some
Deposit Money Banks and Point-Of-Sale operators, affecting cash availability
and disrupting the Naira’s seamless circulation.
Accordingly, the CBN said it has commenced investigating the
matter, warning banks and PoS operators to desist from such acts or face
sanction.
CBN’s reactions came as public outrage continued to mount
over the scarcity of Naira notes, while PoS operators cash on the opportunity
to do brisk business.
CBN has also advised Nigerians to use alternative payment
platforms and channel their complaints via a digital platform provided in the
statement.
“The attention of the Central Bank of Nigeria has been drawn
to alleged 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 or via the link attached to address complaints and
inquiries on the subject”, the CBN stated.
Recall that for months, Nigerians in many parts of the
country have continued to lament the cash shortage despite CBN’s assurance of
its availability.
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