CBN stated this in statement titled, ‘CBN Cautions Banks, PoS Operators Over Availability of the Naira…Provides Digital Feedback Box to Address Complaints.’
By Lot Sunday
In response to the persisting cash scarcity in the country, the Central Bank of Nigeria (CBN) has launched an investigation into potential collusion between commercial banks and Point-of-Sale (PoS) operators.
CBN in a statement titled, ‘CBN Cautions Banks, PoS Operators Over Availability of the Naira…Provides Digital Feedback Box to Address Complaints,’ expressed commitment to addressing issues affecting the seamless circulation of the naira.
The statement highlighted the CBN’s awareness of alleged collusion cases between some Deposit Money Banks and PoS operators, causing disruptions in the availability of cash.
CBN disapproved the actions and initiated a thorough investigation to identify and address any factors undermining the smooth functioning of the economy.
As a stern warning, the CBN further cautioned banks and PoS operators to cease any activities that contribute to the scarcity of cash.
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The statement added that relevant sanctions will be applied to those found culpable in order to maintain financial integrity.
To encourage public participation in ensuring a transparent financial system, CBN urged citizens to utilize alternative payment channels and promptly report any unauthorized activities, including capping and hoarding, perpetrated by banks or PoS agents.
In a bid to streamline the reporting process, tCBN introduced a digital feedback box for the public to submit complaints and observations directly.
The outcome of the CBN’s investigation is anticipated to shed light on the root causes of the cash scarcity issue and may lead to regulatory adjustments to fortify the financial sector’s resilience.
