In a recent development, the Central Bank of Nigeria (CBN) has issued a cautionary advisory directed at Point-of-Sale (PoS) operators concerning the availability of cash transactions. The official announcement, signed by Sidi Ali, the Acting Director of Communication and Public Relations, was released on Thursday.
The CBN explicitly highlighted a concerning collusion between certain Deposit Money Banks and PoS operators, emphasizing its adverse impact on the availability of physical currency and the consequent disruption of the smooth circulation of the Naira.
In response to these developments, the apex bank sternly warned both the implicated Deposit Money Banks and PoS operators to immediately cease such collusive activities. Failure to comply with this directive may result in legal consequences as the CBN underscores its commitment to upholding the integrity of financial transactions and maintaining the stability of the national currency.
