Amidst the persistent scarcity of Naira notes just days before Christmas, the Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators against hoarding banknotes. The cautionary statement was delivered by the CBN’s acting director of Corporate Communications, Sidi Ali, on Thursday night.
The apex bank raised concerns about a perceived collusion between certain DMBs and PoS operators, leading to a shortage of cash and disrupting the smooth circulation of the Naira. The CBN has initiated an investigation into these reported cases and has warned of sanctions for any entity found engaging in such practices.
Expressing its disapproval, the CBN said
“The attention of the Central Bank of Nigeria has been drawn to alleged collusion between some Deposit Money Banks and Point-Of-Sale 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 attached to address complaints and inquiries on the subject.”
The central bank has urged banks and PoS operators to cease such activities to avoid facing the consequences of sanctions.
The public outcry over the scarcity of Naira notes has prompted the CBN to take swift action. The central bank not only advised Nigerians to explore alternative payment platforms but also provided a digital platform for lodging complaints and inquiries related to unauthorized activities by banks or PoS agents.
It also encouraged members of the public to report any cases of unauthorized activities, such as capping and hoarding, either to the CBN branch in their locations or through the provided digital link.
Despite previous assurances from the CBN regarding the availability of Naira, Nigerians across various regions have continued to lament the prolonged cash shortage, heightening concerns about the impact on holiday festivities and economic activities.