Naira Scarcity: CBN Blames Banks, PoS Operators For Hoarding Banknotes

The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks and Point-of-Sale operators, advising them against hoarding banknotes amid the ongoing scarcity of Naira, particularly in the days leading up to the Christmas celebration.

The apex bank’s acting director of Corporate Communications, Sidi Ali, made this known in a statement on Thursday night.

The CBN stressed that there is a collusion between some Deposit Money Banks and Point-Of-Sale operators, affecting cash availability and disrupting the Naira’s seamless circulation.

Accordingly, the CBN said it has commenced investigating the matter, warning banks and PoS operators to desist from such acts or face sanction.

CBN’s reactions came as public outrage continued to mount over the scarcity of Naira notes, while PoS operators cash on the opportunity to do brisk business.

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

“The attention of the Central Bank of Nigeria has been drawn to alleged 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”, the CBN stated.

DAILY POST recalls that for months, Nigerians in many parts of the country have continued to lament the cash shortage despite CBN’s assurance of its availability.