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Cash Scarcity: CBN Warns Banks, PoS Operators Over Sharp Practices

…Provides Digital Feedback BoxTo Address Complaints

The Central Bank of Nigeria (CBN says its attention has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

The Apex bank frowns at such inappropriate reactions by certain individuals and has commenced investigations into the reported cases capable of undermining the smooth running of the economy.

The CBN has, therefore, warned banks and PoSoperators 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 unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link: address complaints and inquirieson the subject.

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