As the cash scarcity persists due to the redesign of three naira notes, the Central Bank of Nigeria (CBN) cautions 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 expresses concern that such collusion hampers cash availability and the smooth circulation of the naira in the country.
The CBN announces an investigation into reported cases of collusion, emphasizing its commitment to maintaining the smooth running of the economy.
The statement reads, “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.”
The apex bank encourages members of the public to use alternative payment channels and report any case of unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations.
