The Central Bank of Nigeria (CBN) has issued a warning to Point-of-Sale (PoS) operators, expressing concerns about collusion between some Deposit Money Banks (DMBs) and PoS operators affecting cash availability and disrupting the smooth circulation of the Naira.
In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, the CBN said that there have been reported cases of collusion between some banks and PoS operators, and such actions undermine the seamless functioning of the economy.
He stated that CBN is now investigating these cases and has warned both banks and PoS operators to cease such activities immediately.
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.
“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.”
To solve the problem, the CBN advises the public to use alternate payment methods and to report any unlawful actions by banks or PoS agents—such as capping and hoarding—to the CBN branch located in each area.
News About Nigeria earlier reported that CBN warned that fake naira notes are now in circulation.
While warning Nigerians to beware of the counterfeit naira notes in circulation, the apex bank noted that the fake currency now in circulation is a result of currency shortage in the country.
In the statement, the CBN charged deposit money banks, financial houses, Bureau de Change, and the public to be vigilant and implement necessary precautions to not fall victim to fraud.
