CBN vows to punish banks and PoS operators disrupting naira circulation

Amid the lingering scarcity of cash, the Central Bank of Nigeria has vowed to punish any banks and Point-of-Sale operators disrupting the seamless circulation of the naira.

The apex bank stated this on Thursday, December 21, 2023, in a statement titled, ‘CBN cautions banks, PoS operators over availability of the naira …Provides digital feedback box to address complaints.’

The statement posted on the bank’s Twitter page reads, “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.

“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 Federal Government had earlier apologised to Nigerians over the current cash crunch in the country.

In a statement on Thursday, the Minister of Information and National Orientation, Mohammed Idris said the current scarcity of the naira notes is not deliberate.

He added that the CBN was doing everything possible to address the situation.