The Central Bank of Nigeria (CBN) issued a warning to banks and Point-of-Sale (POS) operators, cautioning against activities that could disrupt the circulation of the naira across the country. The statement, conveyed by the acting Director of Corporate Communications, Mrs. Sidi-Ali Hakama, referenced alleged collusion between banks and POS operators affecting the availability of cash.
The CBN expressed concern over inappropriate actions that could undermine the economy and announced an ongoing investigation into reported cases. The central bank emphasized that relevant sanctions would be applied to those found engaging in such activities.
The House of Representatives also urged the CBN to enhance its monitoring and supervision of commercial banks, addressing the worsening incidence of naira scarcity. The legislative body called for the removal of excessive charges by POS operators and mandated committees to invite the Minister of Finance and the CBN Governor to explain issues related to customer payments and ATM services.
To encourage public reporting of unauthorized activities, the CBN provided a digital link for complaints and inquiries. The central bank is working to maintain the smooth running of the economy and curb actions that could adversely impact the availability and circulation of the national currency.
In response to the scarcity of naira, the CBN recently announced the suspension of processing fees on cash deposits, a move aimed at addressing challenges in accessing funds during the festive season.