The Central Bank of Nigeria (CBN) has initiated an investigation into potential collusion between Deposit Money Banks (DMBs) and Point-of-Sale (PoS) operators.
The move comes as disruptions in the availability of cash continue to hinder the seamless circulation of the Naira.
A statement released by the CBN, titled “CBN cautions banks, PoS operators over availability of the naira …Provides digital feedback box to address complaints,” expressed the regulatory body’s concern over reported cases of inappropriate actions that could undermine the smooth running of the economy.
The CBN has explicitly warned banks and PoS operators to refrain from engaging in activities that may contribute to the prevailing challenges.
The regulatory body is committed to investigating reported cases, and sanctions will be imposed on any entity found wanting.
As part of its efforts to ensure transparency and gather information, the CBN has introduced a digital feedback box.
This mechanism allows members of the public to report any unauthorized activities, including capping and hoarding, perpetrated by banks or PoS agents.
The CBN encourages individuals to use alternative payment channels during this period and actively participate in reporting any observed irregularities.
The cash scarcity issue has been a cause for concern among Nigerians, affecting the accessibility and circulation of the Naira.
The CBN’s swift response to investigate potential collusion demonstrates its commitment to addressing the challenges faced by citizens and maintaining the stability of the country’s financial system.
While the investigation unfolds, the public is urged to utilize alternative payment channels and remain vigilant, reporting any suspicious activities to the CBN branches in their respective locations.
The outcome of the investigation is anticipated to shed light on the root causes of the cash scarcity issue and pave the way for corrective measures.