CBN Accuses Banks, PoS Operators Of Hoarding Naira

The Central Bank of Nigeria (CBN) on Thursday warned banks and Point-of-Sale (POS) operators against complicit acts undermining the availability and free flow of the naira across the nation.

CBN, in a statement issued by Mrs. Sidi-Ali Hakama, its acting director of Corporate Communications, Corporate Communications, hinted to alleged cases of collusion between banks and PoS operators, which had reportedly caused the scarcity of cash as well as disruption of the seamless circulation of the naira.

Also, the House of Representatives, on Thursday, implored the apex bank to improve its supervision and monitoring of commercial banks in the nation due to the worsening incidence of naira scarcity.

Furthermore, the central bank stated in its statement that it was investigating reported cases capable of hindering the smooth running of the economy.

Hakama, therefore, warned banks and PoS operators to desist from such activities, saying relevant sanctions would be meted out to those found wanting.

Her statement reads,  “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.

“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorised 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.”

Recently, as part of efforts to curb the scarcity of naira, the central bank announced the suspension of processing fees of two per cent and three per cent previously imposed on all cash deposits above N500,000 for individuals and N3 million for corporates respectively, with immediate effect.

The apex bank had said the suspension would remain valid until April 30, 2024.


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