CBN Threatens Punishment On Pos Operators, Banks Over Naira Notes Scarcity

A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde
Adoga Stephen By Adoga Stephen - Editor-In-Chief
1 Min Read

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.

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.