The Central Bank of Nigeria has frowned at alleged collusion between Deposit Money Banks and POS agents to disrupt the seamless circulation of the Naira.
The CBN in a statement described the action as inappropriate adding that it is investigating the reported cases capable of undermining the smooth running of the economy.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators affecting the availability of cash and disrupting the seamless circulation of the Naira.”
“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,” it said.
It, therefore, warned banks and PoS operators to refrain from such alleged activities or risk severe sanctions.
The apex bank, however, urged the public to use alternative payment channels and report unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the apex bank’s online platform via the link: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.
