BREAKING: Banks colluding with PoS operators to disrupt naira circulation, says CBN

The Central Bank of Nigeria has cautioned PoS operators over cash availability.

This was made known in a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali.

The CBN noted that there is a 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 apex bank has warned both parties to immediately desist from such acts or face the law.

The apex bank’s reactions came after public outcry that the naira is still not accessible to Nigerians while PoS operators harp on the opportunity to exploit customers.

CBN has also advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement.

The statement 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 or via the link attached to address complaints and inquiries on the subject.”