CBN Investigating Banks, PoS Operators Over Naira Hoarding, Capping

The Central Bank of Nigeria (CBN) has opened investigations into alleged collusion between some Deposit Money Banks (DMBs) and Point Of Sale (PoS) operators affecting the availability of cash and disruptng the seamless circulaton of the Naira.

In a statement signed on Thursday by the acting Director, Corporate Communications of the Apex bank, Sidi-Ali, Hakama (Mrs.), the CBN warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.

“The attention of the Central Bank of Nigeria (CBN) 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 disruptng the seamless circulaton 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, wamed 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 altemative 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: {forms.off m/f ZJOIZHEQ to address complamts and inquiries on the subject,” the CBN statement reads