CBN Issues Stern Warning to Banks and PoS Operators Amid Naira Scarcity

In response to the ongoing Naira scarcity crisis, the Central Bank of Nigeria (CBN) has issued a stern warning, threatening sanctions against banks and Point of Sale (PoS) operators implicated in the situation. The announcement came through a statement released by Mrs. Hakama Sidi-Ali, the Ag. Director of Corporate Communications.

The CBN expressed concern over alleged collusion between some Deposit Money Banks (DMBs) and PoS operators, leading to disruptions in the smooth circulation of the Naira. The apex bank emphasized its commitment to investigating reported cases that could potentially undermine the nation’s economic stability.

Mrs. Hakama Sidi-Ali’s statement conveyed the CBN’s disapproval of such inappropriate actions and highlighted the initiation of investigations into the reported cases. The central bank warned both banks and PoS operators to cease engaging in activities that could exacerbate the Naira scarcity crisis, with explicit mention of impending sanctions for those found culpable.

Moreover, the CBN urged the public to actively participate in addressing the issue by reporting any unauthorized activities, particularly instances of capping and hoarding, by banks or PoS agents. Members of the public were encouraged to utilize alternative payment channels and report infractions to the nearest CBN branch or through the provided link: CBN Complaints Form.

As the nation grapples with the challenges of Naira scarcity, the CBN’s decisive stance aims to maintain the stability of the economy and ensure the seamless circulation of the national currency.