Naira Scarcity: CBN Accuses Banks, PoS Operators Of Hoarding Cash, Threatens Sanctions

The Central Bank of Nigeria (CBN) has vowed to impose sanctions if it is discovered that banks and Point of Sale (PoS) operators are involved in the current Naira shortage problem.

In a statement released on Thursday, the apex bank invited the public to report infractions to the closest branch of the bank, with a particular focus on bank and point-of-sale personnel hoarding Naira.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators affecting the availability of cash and disrupting the seamless circulation of the Naira,” the statement, which is signed by Mrs. Hakima Sidi-Ali, Ag. Director of Corporate Communications, says in full.

“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 unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations.”