The Central Bank of Nigeria has stated why there is scarcity of cash at the commercial banks, blaming such on what it termed unholy collusion of Money Deposit Banks and PoS operators.
The apex bank had therefore cautioned POS operators and commercial banks over the dastardly act.
This was made known in a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday.
The CBN said, “there is a collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira”.
CBN’s reaction was made after public outcry, their initial denial over the public outcry and Thursday’s acceptance that the nation’s currency was unavailable at the banks, accepting that naira is still not accessible to Nigerians, and that PoS operators catch in on the opportunity to exploit customers.
In several places, POS operators charge as much as N50 per N1,000 and N500 per N10,000. They also sell Naira mint for as much as N1,000 per N10,000, a situation considered as an aberration.
CBN has in the statement advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided by thenapex bank in the statement issued.
The statement reads: “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-Of-Sale 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.
“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link attached to address complaints and inquiries on the subject.”
