The Central Bank of Nigeria (CBN) has issued a stern warning to banks and Point of Sale (PoS) operators implicated in the current Naira scarcity crisis, threatening sanctions for those found complicit. In a statement released on Thursday, the apex bank urged the public to report any infractions, particularly instances of Naira hoarding by banks and PoS operators, to the nearest CBN branch.
The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, addressed the alleged collusion between some Deposit Money Banks (DMBs) and PoS operators, which has been adversely affecting cash availability and disrupting the smooth circulation of the Naira.
Expressing dissatisfaction with these actions, the CBN announced an ongoing investigation into reported cases that have the potential to undermine the economy’s seamless operation. Banks and PoS operators were sternly warned to cease such activities, with the assurance that relevant sanctions would be applied to those found engaging in them.
In its effort to address the issue, the CBN encouraged the public to utilize alternative payment channels. Simultaneously, individuals were urged to report any unauthorized activities, including capping and hoarding by banks or PoS agents. Complaints and inquiries can be directed to the CBN branch in their locations or submitted via the provided link: CBN Complaints and Inquiries Form.