Cash crunch: CBN goes tough on banks, PoS operators

Irked by alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators currently causing Naira scarcity in the country, the Central Bank of Nigeria (CBN) on Thursday said rough times await culprits who are economic saboteurs.

The apex bank said it would not allow individuals or groups to undermine the availability of cash and disrupt the seamless circulation of the Naira nationwide.

In a statement signed by Acting Director, Corporate Communications, Hakama Sidi-Ali, Hakama, the CBN frowned at what it describes as “inappropriate actions” by certain individuals, assuring that investigations are ongoing to address reported cases the capable of undermining the smooth running of the economy.Itcautioned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found culpable.

While encouraging members of the public to use alternative payment channels, the statement further urged them to 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: to address complaints and inquiries on the subject.”