The Central Bank of Nigeria (CBN) warns banks and point of sale (PoS) operators to desist from allegedly “colluding” to affect the availability of cash.
CBN, in a statement on Thursday, said its attention has been drawn to alleged cases of collusion between some banks and PoS operators to disrupt the circulation of naira.
The financial regulator said it is investigating the cases, as they are capable of undermining the smooth running of the economy.
“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,” CBN 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.
“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.”
CBN advised members of the public to use alternative payment channels and report any case of unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations.