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CBN condemns reported collusion on scarcity of Naira notes, cautions banks, PoS operators

Dr. Olayemi Cardoso, Governor of CBN

*The Central Bank of Nigeria condemns inappropriate actions by certain individuals and commercial banks, as the banking sector regulator investigates the reported cases of connivance in creating scarcity of Naira notes, capable of undermining the smooth running of the economy

Isola Moses | ConsumerConnect

Against the backdrop of the current cash scarcity that continues to affect several Nigerian consumers, the Central Bank of Nigeria (CBN) has said it is investigating reported cases of  collusion between commercial banks and Point of Sales (PoS) terminal operators in the West African country.

ConsumerConnect reports the resurfaced scarcity has been attributed to the redesign and introduction of three new banknotes of the national currency, Naira, December 2022.

Sidi Ali Hakama, in a statement issued Thursday, December 21, 2023, in Abuja, FCT, said such collusion was negatively affecting the availability of cash and the seamless circulation of the Naira across Nigeria.

The statement noted that the banking sector regulator is investigating reported cases of collusion between banks and PoS operators “capable of undermining the smooth running of the economy.”

The Bank also said: “The CBN frowns on 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.”

The CBN further encouraged members of the public 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.

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