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Naira Scarcity: CBN Warns Banks, PoS Operators Against Collusion

The CBN said it was investigating reported cases of collusion between banks and PoS operators.


A vendor holds banknotes rejected by traders at Awgbu market in Anambra State, southeast Nigeria, on February 17, 2023.
File: A vendor holds old banknotes at Awgbu market in Anambra State, southeast Nigeria, on February 17, 2023. (Photo by PIUS UTOMI EKPEI / AFP)

 

As cash scarcity occasioned by the redesign of three naira notes continues to bite Nigerians about a year after the implementation of the policy, the Central Bank of Nigeria (CBN) has warned against collusion between Deposit Money Banks (DMBs) and Point-Of- Sale (PoS) operators.

In a statement on Thursday by its spokesperson, Sidi Ali, Hakama, the apex bank said such collusion was affecting the availability of cash and the seamless circulation of the naira in the country.

The CBN said it was investigating reported cases of collusion between banks and PoS operators “capable of undermining the smooth running of the economy”.

“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 partly read.

“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.”

The apex bank encouraged members of the public 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.