Cash Scarcity: CBN Releases Strong Warning to Banks and POS Operators
Thursday 21 December 2023
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In the wake of persistent cash shortages attributed to the redesign of three naira notes, the Central Bank of Nigeria (CBN) has issued a stern warning against collusion between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators. The apex bank expressed concern over the adverse impact of such collaboration on the availability of cash and the smooth circulation of the naira within the country.
In an official statement released on Thursday, CBN spokesperson Sidi Ali Hakama disclosed that the bank is actively investigating reported cases of collusion between banks and PoS operators, emphasizing the potential threat to the nation's economic stability. The statement read, "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." CONTINUE READING....
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The CBN further cautioned banks and PoS operators to cease engaging in activities that could hinder the economy, asserting that appropriate sanctions would be imposed on those found guilty. The apex bank encouraged the public to explore alternative payment channels and urged citizens to report any unauthorized activities, such as capping and hoarding, by banks or PoS agents to the nearest CBN branch.
As the redesign-related cash scarcity continues to impact Nigerians, the CBN's proactive measures aim to curb any actions that may exacerbate the situation and ensure the seamless functioning of the economy. The warning underscores the importance of maintaining financial integrity and preventing any disruptions to the circulation of the naira.
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