The Central Bank of Nigeria, CBN, has warned deposit money banks and point-of-sale operators to avoid hoarding banknotes as the Naira remains scarce just days before Christmas.
Sidi Ali, the apex bank’s acting director of Corporate Communications, announced this in a statement on Thursday night.
The CBN stated that there is collusion between some Deposit Money Banks and Point-Of-Sale operators, which affects cash availability and disrupts the seamless circulation of the Naira.
As a result, the CBN announced that it has begun an investigation into the situation, warning banks and PoS operators that such actions will result in sanctions.
The CBN’s reactions came as public outcry over the paucity of Naira notes grew, while PoS operators capitalized on the opportunity to do brisk business.
The CBN has also recommended Nigerians to seek other payment platforms and to channel their grievances through the statement’s digital platform.
“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.
Platinum Times recalls that for months, Nigerians in many parts of the country have continued to lament the cash shortage despite CBN’s assurance of its availability.