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CBN Blames Naira Scarcity On Operational Breach By Banks, PoS Operators


The Central Bank of Nigeria (CBN) says it has been informed of 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 thus frowned at such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy.

The CBN also warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.

The Bank however encouraged 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: to address complaints and inquiries on the subject.

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