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BREAKING: Banks colluding with PoS operators to disrupt naira circulation, says CBN

The Central Bank of Nigeria (CBN) has issued a warning to Point-Of-Sale (PoS) operators and Deposit Money Banks (DMBs) regarding their practices that are impacting the availability of cash and disrupting the circulation of the Naira. This advisory was communicated in a statement released on Thursday, signed by the Acting Director of Communication and Public Relations, Sidi Ali.InformationGuideNigeria

The CBN highlighted concerns about the collusion between some banks and PoS operators, which has been contributing to the difficulty in accessing cash by the general public. This issue has been particularly problematic as it has led to exploitation of customers by some PoS operators, taking advantage of the scarcity of cash.

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The statement reads, “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.NYSC Portal

“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.JAMB Result

“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.JAMB Portal

“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.”

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