CBN: Banks colluding with PoS operators to disrupt naira circulation

The Central Bank of Nigeria (CBN) says there is a collusion between some Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators affecting the availability of cash and disrupting the circulation of naira in the country.

The CBN said this in a statement issued by its Acting Director, Corporate Communications, Sidi-Ali Hakama, on Thursday, December 21, 2023.

The CBN warned the banks and PoS operators to desist from such acts, adding that it is investigating the collusion between both parties.

The apex bank said: “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

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“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.”

The Star