The Central Bank of Nigeria (CBN) has issued a warning against the collaboration between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators, as the scarcity of cash caused by the redesign of three naira notes continues to impact Nigerians even a year after the policy was implemented.
In a statement released by the CBN spokesperson, Sidi Ali Hakama, the apex bank expressed concern over the collusion, stating that it hampers the availability of cash and the smooth circulation of the naira within the country.
The CBN emphasized that it is currently investigating reported cases of collusion, which have the potential to disrupt the economy.
The statement further highlighted that the CBN disapproves of such actions and will impose appropriate sanctions on those found guilty. The apex bank also urged the public to utilize alternative payment channels and report any unauthorized activities, such as capping and hoarding, by banks or PoS agents to their respective CBN branches.
