Collusion Between Banks And PoS Operators Disrupts Naira Circulation – CBN

The Central Bank of Nigeria (CBN) has issued a cautionary statement addressing the issue of cash availability with Point-Of-Sale (PoS) operators.

In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday, the CBN highlighted concerns about collusion between some Deposit Money Banks and PoS operators. This collaboration has been identified as a factor affecting the availability of cash and disrupting the smooth circulation of the Naira.

The apex bank, expressing disapproval of such practices, has issued a stern warning to both parties involved to cease these activities immediately or face legal consequences.

The CBN’s response comes in the wake of public outcry, with concerns raised that the Naira remains inaccessible to Nigerians while PoS operators are seemingly taking advantage of the situation.

Additionally, the CBN is urging Nigerians to explore alternative payment platforms and report any issues through a digital platform specified in the official statement.

The statement reads, “The Central Bank of Nigeria has been made aware of reported cases of collusion between some Deposit Money Banks and Point-Of-Sale operators, impacting the availability of cash and disrupting the seamless circulation of the Naira.

“The CBN strongly condemns such inappropriate actions by certain individuals and is actively investigating the reported cases, as they pose a threat to the smooth functioning of the economy.

“As a response, the CBN has unequivocally warned banks and PoS operators to cease such activities, with stringent sanctions awaiting those found culpable.

“In the meantime, the general public is encouraged to utilize alternative payment channels and promptly report any unauthorized activities, such as capping and hoarding, by banks or PoS agents. Reports can be directed to the CBN branch in their respective locations or via the provided link to address complaints and inquiries on this matter.”