The availability of cash has been a warning to PoS operators by the Central Bank of Nigeria.
This was announced on Thursday in a statement that Sidi Ali, the acting director of communication and public relations, signed.
The CBN said that certain Deposit Money Banks and Point-of-Sale operators are in collusion, which is impacting cash availability and interfering with the smooth flow of Naira.
Both parties have received a warning from the top bank to stop these acts right away or risk legal action.
The public uproar that Nigerians are still unable to access the naira while PoS operators take advantage of the situation to abuse clients prompted the top bank to respond.
Nigerians have also been asked by CBN to use different payment methods and direct their grievances through a digital channel mentioned in the statement.
“The Central Bank of Nigeria has been alerted to possible instances of collusion between certain Deposit Money Banks and Point-of-Sale operators impacting the availability of cash and interfering with the smooth circulation of the Naira,” the statement states.
“The CBN disapproves of certain people’s inappropriate behavior and is looking into incidents that could jeopardize the economy’s ability to function smoothly.
since a result, the CBN has issued a warning to banks and PoS operators to refrain from engaging in these kinds of operations, since those who do so risk facing appropriate sanctions.
The public is urged to use alternate payment methods in the interim, and to file complaints and inquiries about any instances of unauthorized activity—such as capping and hoarding—by banks or PoS agents to the CBN branch nearest to them or through the attached link.
