The Central Bank of Nigeria has issued a warning against Deposit Money banks and Point of Sales (PoS) merchants over alleged hoarding of cash in the country.
A circular signed by CBN’s acting director of Corporate Communications, Hakama Sidi-Ali, on Thursday explained that there is an alleged collusion between the banks and PoS merchants disrupting the seamless circulation of the naira notes.
Sidi-Ali stated that the public should report cases of unauthorized activities such as hoarding of cash by banks or POS merchants to the CBN in their location or use the portal on released by the apex bank.
The CBN said,“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 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 or via the link: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.”
