NAIRA SCARCITY: CBN CAUTION BANKS, POS OPERATORS AGAINST COLLUSION, PROVIDES DIGITAL FEEDBACK BOX FOR COMPLAINTS

December 22, 2023

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A year after the policy’s adoption, the Central Bank of Nigeria (CBN) has cautioned against cooperation between deposit money banks (DMBs) and point-of-sale (PoS) operators because of the ongoing cash shortage that has resulted from the redesign of three naira notes.

The nation’s top bank stated that this kind of cooperation was having an impact on the availability of currency and the smooth flow of naira throughout the nation in a statement released on Thursday by its spokesperson, Sidi Ali, Hakama.

The CBN declared that it was looking into allegations of bank and PoS operator collusion that were “capable of undermining the smooth running of the economy.”

“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 statement partly read.

“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.”

The nation’s top bank urged people to use other payment methods and to report any instances of unlawful activity by banks or PoS agents—such as capping and hoarding—to the local CBN branch.