As the Naira scarcity continues in the days leading up to Christmas celebration, the Central Bank of Nigeria (CBN) has warned deposit money banks and point-of-sale operators not to hoard banknotes.
Earlier this week, Sidi Ali, the acting head of corporate communications of the central bank, announced this in a statement.
The Central Bank of Nigeria (CBN) has highlighted a conspiracy involving certain deposit money banks and point-of-sale operators, which is influencing the availability of cash and interfering with the smooth circulation of the Naira.
As a result, the CBN has begun investigating the situation and has warned banks and PoS operators to stop doing such things or face consequences.
As public indignation over the shortage of Naira notes grew, PoS operators took advantage of the situation to do brisk business, and the CBN reacted accordingly.
Also included in the announcement was a digital forum where CBN encouraged Nigerians to voice their issues and use alternative payment methods.
“Some deposit money banks and point-of-sale operators are allegedly conspiring to impair the availability of cash and disrupt the seamless circulation of the Naira. This has caught the notice of the Central Bank of Nigeria.
The Central Bank of Nigeria (CBN) is looking into the reported incidents that could disrupt the economy because of the inappropriate activities of some people.
The CBN has issued a warning to banks and PoS operators, stating that they will face consequences if they continue with these practices.
“At the same time, consumers are urged to utilize alternative payment methods. If they encounter any instances of unauthorized activities, like capping or hoarding, by banks or point-of-sale agents, they can report it to the local CBN branch or use the attached link to send complaints and inquiries regarding the matter,” the CBN mentioned.
The Central Bank of Nigeria (CBN) has assured Nigerians that cash will be available soon, but the shortfall has persisted for months, as reported by MISMOB.
Mismob Media