CBN Rings Alarm Bells for Banks and POS Operators: No Room for Cash Stash

The Central Bank of Nigeria has cautioned Banks and POS operators against illegal actions affecting the circulation of naira.

The CBN warned parties involved to immediately desist from such acts or face the law, saying there is over cash availability.

In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday, the CBN says that 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.

“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”. he noted

CBN has also advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement.