The Central Bank of Nigeria (CBN) has issued a stern warning to banks and Point-of-Sale (POS) operators allegedly involved in colluding to limit the availability of cash and disrupt the smooth circulation of the Naira.
In a statement issued on Thursday, the CBN expressed its disapproval of such “inappropriate actions” and announced an investigation into the reported cases, which it said could undermine the economic stability of the country.
“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 further warned banks and POS operators against engaging in any activity that restricts access to cash, adding that “relevant sanctions shall be meted out to those found wanting.”
To encourage the use of alternative payment methods and address public concerns, the CBN also announced the availability of a digital feedback box to report unauthorised activities. This includes acts such as capping withdrawal limits and hoarding cash by banks or POS agents.
