As the shortage of cash persists due to the redesign of three naira notes, impacting Nigerians a year after the policy’s implementation, the Central Bank of Nigeria (CBN) has cautioned against collusion between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators.
In a Thursday statement released by its spokesperson, Sidi Ali Hakama, the central bank expressed concern that collusion between banks and Point-Of-Sale (PoS) operators was impacting the availability of cash and the smooth circulation of the naira in the country.
The CBN stated that it is currently investigating reported instances of collusion, which could potentially undermine the seamless operation 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 central bank urged the public to utilize alternative payment channels and report any unauthorized activities, such as capping and hoarding, conducted by banks or PoS agents, to the CBN branch in their respective locations.