CBN Urges Banks & PoS Operators to Halt Cash Disruption Activities

The Central Bank of Nigeria (CBN) has raised a red flag concerning the availability of cash due to reported irregularities between certain Deposit Money Banks and Point-Of-Sale (PoS) operators.

The apex bank issued a stern warning to these entities, cautioning them against actions that disrupt the smooth circulation of the Nigerian Naira.

In an official statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, the CBN expressed serious concern over alleged collusion between financial institutions and PoS operators. This collaboration, according to the CBN, has been impeding the availability of cash and causing disruptions in the flow of the national currency.

Responding to public grievances about limited access to cash while PoS operators seemingly capitalize on the situation, the CBN firmly warned both banks and PoS operators to immediately halt such activities. The central bank highlighted that any failure to comply with this warning would result in severe legal consequences for the offenders.

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The CBN’s proactive approach to investigating reported incidents that could compromise Nigeria’s economic stability reaffirms its commitment to maintaining the efficiency of the financial system. The regulatory body remains resolute in its stance against actions that could hamper the seamless functioning of the economy.

As part of its directives, the CBN encouraged Nigerians to explore alternative payment channels and urged them to report any unauthorized activities, including capping and hoarding, by banks or PoS agents. Citizens were advised to lodge complaints through the designated digital platform or contact their local CBN branches to address concerns and seek clarification.

The recent caution by the CBN serves as a reminder of the critical need for transparency and fair practices within Nigeria’s financial domain. It underscores the importance of upholding ethical conduct to ensure a conducive and fair financial environment for all citizens.