CBN Threatens Sanctions Against Banks and POS Operators Amid Naira Scarcity Concerns

Amid the ongoing Naira scarcity crisis, the Central Bank of Nigeria (CBN) issued a stern warning, indicating potential sanctions against banks and Point of Sales (POS) operators implicated in exacerbating the situation.

In a recent statement released on Thursday, the apex bank implored the public to report any observed infractions, particularly instances of Naira hoarding by banks and POS operators, to the nearest CBN branch. The statement, endorsed by Mrs. Hakama Sidi-Ali, the Ag. Director of Corporate Communications, expressed the CBN’s grave concern over alleged collusion between some Deposit Money Banks (DMBs) and POS operators, affecting cash availability and disrupting the seamless circulation of the Naira.

Highlighting the seriousness of the matter, the CBN emphasized its ongoing investigations into these reported cases, underscoring their potential to disrupt the economy’s smooth functioning. Warning both banks and POS operators to cease such activities, the CBN affirmed that severe sanctions await those found guilty of these actions.

Moreover, the public was urged to utilize alternative payment channels and report any unauthorized activities, including hoarding and capping, by banks or POS agents. Complaints and inquiries regarding these issues can be directed to the CBN branch in their locality or via a dedicated link provided by the bank for prompt resolution.