Deposit Money Banks and Point of Sale operators have been warned over the scarcity of cash being witnessed in some parts of the country.
The warning was contained in a statement signed by the CBN’s Acting Director of Communication and Public Relations, Sidi Ali, on Thursday 21 December 2023.
The Apex Bank noted that there is a collusion between some Deposit Money Banks and Point-Of-Sale operators which is impacting negatively on the availability of cash and affecting circulation of the Naira notes across the country.
The Central Bank of Nigeria warned both defaulting parties to immediately put an end to such acts or be brought to face the full wrath of the law.
This reactions is coming after public outcry that the naira is still not accessible to Nigerians while PoS operators jump on the opportunity of the baseless naira scarcity to exploit Nigerians.
The CBN has equally called on Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement which reads in parts;
“The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.
“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link attached to address complaints and inquiries on the subject.”
Recall that the Central Bank of Nigeria had earlier released a statement dismissing any fears of fresh naira scarcity stating that the old and new naira notes remain legal tender ad infinitum.
