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Home Economy CBN Strongly Warns Banks, PoS Operators Over Hoarding of Naira
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CBN Strongly Warns Banks, PoS Operators Over Hoarding of Naira

By
Sidi-ali Hakama
-
December 21, 2023
CBN
CBN

CBN Strongly Warns Banks, PoS Operators Over Hoarding of Naira

The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (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.

Read Also:

  • Falcon’s WAFCON Glory: Tinubu Committed to Sports Development – Minister
  • NSCDC Mining Marshal Seals Illegal Lithium Mine in Kebbi, Uncovers Alleged ₦500bn Mineral Theft
  • NAF ‘Rattles’ ISWAP Terrorists with Decisive Blow in Lake Chad Region

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.

Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorized activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations to address complaints and inquiries on the subject.

Sidi-Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications

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Falcon's WAFCON Glory: Tinubu Committed to Sports Development - MinisterNSCDC Mining Marshal Seals Illegal Lithium Mine in Kebbi, Uncovers Alleged ₦500bn Mineral TheftNAF 'Rattles' ISWAP Terrorists with Decisive Blow in Lake Chad RegionArmy, DSS-Backed Hybrid Forces Neutralize 45 Bandits in Niger OperationAnambra Police Bolster Security with New Armoured Personnel CarrierNigeria Customs Partners China on Smarter Ports, Officer Training, ReformsNAF Airstrikes Eliminate ISWAP Fighters, Top Commanders in MarteNigeria Customs Partners China on Smarter Ports, Officer TrainingVON Apologizes for Erroneous WAFCON Report, Cites Possible Security Breach, Identifies CulpritPolice Operatives Eliminate 3 Bandits, Recover 10 AK-47 RiflesTinubu to Honours 210 Ex-NYSC Members for Meritorious ServicesPRNigeria Opens Application for 2025 Young Communication FellowshipNDLEA Arrests Chinese Businessman, 80-Year-Old Grandma in Nationwide Drug Raids IEDPU Praises CP Moshood Jimoh of Lagos Police for Exemplary LeadershipTroops Repel Boko Haram Attack in Gwoza, Recover Firearms
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