“Desist From Hoarding Naira Notes Or Face Sanctions” – CBN Warn Banks, POS Operators

The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and Point of Sale (PoS) operators to cease any actions that disrupt the seamless distribution of Naira notes.

A statement by the Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi-Ali emphasized that failure to comply with this warning would result in severe sanctions.

Sidi-Ali stated that the CBN is currently investigating reported cases of collusion between DMBs and PoS operators which has the potential to undermine the smooth functioning of the economy.

She expressed the CBN’s disapproval of any inappropriate actions by individuals and emphasized that the apex bank would not hesitate to impose relevant sanctions on those found guilty.

“The attention of the CBN has been drawn to alleged cases of collusion between some DMBs and PoS operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

“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 CBN has, therefore, warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting” she said

Encouraging the use of alternative payment channels, Sidi-Ali urged the public to report unauthorized activities, such as hoarding and capping by DMBs and PoS operators, to the nearest CBN branch.

KanyiDaily recalls that the Central Bank of Nigeria (CBN) recently debunked a report by a national daily that it has devalued the naira to N631 per dollar at the importers’ and exporters’ (I&E) window.