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BREAKING: CBN Warns Banks, POS Operators, Over Cash Scarcity, Launches Complaint Portal

For months, Nigerians in many parts of the country have continued to lament the cash shortage despite CBN’s,,,

Published

2 years ago

December 22, 2023

VerseNews

CBN, POS Operator

The Central Bank of Nigeria, CBN, has warned Deposit Money Banks (DMB) and Point-of-Sale (POS) operators against hoarding banknotes as the Naira scarcity persists a few days before Christmas celebration.

VerseNews reports that the apex bank made this known on Thursday night in a press release signed by the acting director of Corporate Communications, Sidi Ali.

The statement revealed that there is a collusion between some Deposit Money Banks and Point-Of-Sale operators, affecting cash availability and disrupting the Naira’s seamless circulation.

Accordingly, the CBN said it has commenced investigating the matter, warning banks and PoS operators to desist from such acts or face sanction.

CBN’s reactions came as public outrage continued to mount over the scarcity of Naira notes, while PoS operators cash on the opportunity to do brisk business.

CBN has also advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement.

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“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 unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link to address complaints and inquiries on the subject”, the CBN stated.

For months, Nigerians in many parts of the country have continued to lament the cash shortage despite CBN’s assurance of its availability.