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The Central Bank of Nigeria (CBN) has issued a stern warning to both banks and Point-of-Sale (PoS) operators regarding an alleged conspiracy that is adversely affecting the availability of cash within the country.
Reports have surfaced indicating collusion among banks and PoS operators to restrict cash withdrawals and engage in the hoarding of Naira notes. In response, CBN spokesperson Sidi Ali Hakama released a statement on Thursday, expressing disapproval of such actions and emphasizing that the CBN is actively investigating these reported cases that have the potential to undermine the nation’s economy.
Hakama conveyed the CBN’s caution to banks and PoS operators, urging them to refrain from engaging in such activities. The statement highlighted that appropriate sanctions would be imposed on those found guilty of participating in these practices.
Simultaneously, the CBN encouraged the public to utilize alternative payment channels and promptly report any unauthorized activities, including capping and hoarding by banks or PoS agents. Individuals were instructed to report such cases to the nearest CBN branch or through the provided link, allowing them to address complaints and seek information on the subject. Link to Report Unauthorized Activities
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