CBN Sounds Alarm on Alleged Collusion: Banks and PoS Operators Under Scrutiny.
In a latest breaking news in Nigeria, the Central Bank of Nigeria (CBN) has issued a stern warning, revealing a suspected collaboration between certain Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators.
The apex bank contends that this collusion is impacting cash availability and disrupting the smooth circulation of the Naira.
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Acting Director of Communication and Public Relations, Sidi Ali, conveyed the CBN’s concern in a statement released on Thursday. The central bank has explicitly cautioned both banks and PoS operators to cease such activities immediately, emphasizing potential legal consequences.
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The CBN’s response follows a public outcry regarding the continued difficulty in accessing the Naira, with PoS operators allegedly taking advantage of the situation. The apex bank urges Nigerians to explore alternative payment platforms and directs them to use a digital platform specified in the statement to file complaints.
The official statement reads, “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.
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Furthermore, the CBN encourages members of the public to report any unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or through the provided link for complaints and inquiries.
This revelation raises concerns about the integrity of the financial system and calls for a thorough investigation to ensure the seamless circulation of the Naira and fair practices in the banking and PoS sectors.
Editor’s Note : All information is based on the statement issued by the Acting Director of Communication and Public Relations, Sidi Ali.
