CBN to sanction banks, PoS operators over hoarding, rationing of Naira, provides digital feedback box to address complaints

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sales (PoS) that it would not failed to weld the big stick over their activities that have hampered the circulation of the Naira. 

In the past couple of weeks, it has become difficult for Nigerians to not only access their monies over the counter or through ATMs but also get the desired amount from PoS operators. In most banks, customers get as low as five thousand even PoS operators have also reported rationing cash at their disposal blaming DMBs for their actions. 

In a statement signed by Ag. Director, Corporate Communications, Mrs Sidi-Ali Hakama, “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,” he said. 

Meanwhile, the Apex Bank has advised members of the public 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: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.”