The Central Bank of Nigeria (CBN) has issued a strong warning to banks and point-of-sale (POS) operators accused of conspiring to limit cash availability and disrupt Naira circulation.
The CBN voiced its displeasure with such “inappropriate actions” in a statement made on Thursday and initiated a probe into the alleged occurrences, which it claimed might jeopardize the country’s economic stability.
“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 statement read.
The bank also urged banks and POS operators not to engage in any conduct that restricts access to cash, adding that “relevant sanctions shall be meted out to those found wanting.”
The CBN also announced the availability of a digital feedback box to report unlawful activity in order to encourage the adoption of alternative payment methods and address public concerns. This includes actions such as banks or POS agents restricting withdrawal limits and hoarding cash.
