Victor Ezeja
Following the recent resurgence of scarcity of naira notes in some parts of the country, the Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (POS) Operators to desist from certain actions that could be responsible for that.
In a statement signed by the CBN Acting Director of Corporate Communications, Sidi Ali Hakama, released on Thursday, 21 December, the bank said its attention has been drawn to alleged cases of collusion between DMBs and POS Operators which is affecting the availability of cash in parts of the country.
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It expressed concerns that such action is capable of undermining the smooth running of the economy.
The apex bank said it has commenced investigations into the allegations, adding that appropriate sanctions shall be meted out on those found culpable.
It further urged members of the public to make use of digital channels of transaction as alternative and report any case of unauthorized activities like hoarding by POS agents or banks to any CBN branch in their locations.
The statement reads: “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.
“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.
“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorized 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.”
The lingering scarcity of cash had raised fears of the situation return to the level encountered by the masses earlier this year when the CBN introduced the newly redesigned N1,0000, N500 and N200 notes and also tried to deepen the implementation of the caahless policy.
Banks were said to have allegedly placed withdrawal limit, at both over-the-counter and Automated Teller Machine (ATM) points.
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Customers have been enduring long queues at ATM points in some bank branches across the country.
Comes ahead of Yuletide season when people are involved in a lot of spending involving cash.
The apex bank also provided a link to digital feedback platform where customers can report cases or lay complaints that will be followed and addressed.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
