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Desist from hoarding Naira or face sanctions, CBN warns DMBs, POS operators

Published

4 months ago

December 22, 2023

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (PoS) operators to stop disrupting the seamless distribution of Naira notes.

A statement released by CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, warned that failure to comply with the warning will attract severe sanctions.

Sidi-Ali said that the apex bank was currently investigating reported cases of collusion by DMBs and the PoS operators, which were capable of undermining the smooth running of the economy.

she said:

“The attention of the CBN has been drawn to alleged cases of collusion between some DMBs and 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”

She encouraged members of the public to make alternative payment channels, and to report cases of unauthorised activities like hoarding and capping by DMBs, PoS operators to the nearest CBN branch.