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Cash Scarcity: CBN Asks Nigerians to Report Banks and PoS Agents

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The Central Bank of Nigeria (CBN) has warned of dire consequences for Deposit Money Banks and Point of Sale (PoS) operators colluding to aggravate the current cash crunch in Nigeria.

Issuing the warning in a statement by its Acting Director of Corporate Communications, Sidi-Ali Hakama, the apex bank said it was investigating the reported cases capable of undermining the smooth running of the economy.

The apex bank frowned at the alleged cases of collusion between some banks and PoS operators, which is affecting the availability of cash and disrupting the seamless circulation of the 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,” it said.

“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.”

It, therefore, warned banks and PoS operators to refrain from such alleged activities or risk severe sanctions.

“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 statement, published on Thursday, further read.

The apex bank, however, urged the public to use alternative payment channels and report unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the apex bank's online platform via the link: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.


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