As Naira scarcity continues to linger, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against collusion with Point-Of- Sale (PoS) operators.
Spokesperson for the CBN, Sidi Ali, Hakama, warned that such collusion is affecting the availability of cash and the seamless circulation of the Naira notes.
The CBN said it is investigating reported cases of collusion between banks and PoS operators “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 apex bank encouraged members of the public 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.