CBN Threatens Sanction As Cash Scarcity Bites Harder

CBN Governor, Mr. Olayemi Cardoso.

The Central Bank of Nigeria (CBN) has threatened to sanction some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators over alleged hoarding of cash, disrupting the seamless circulation of the Naira.

CBN Ag. Director, Corporate Communications, Mrs. Sidi-Ali, Hakama who disclosed this in a statement on Thursday, said, the apex bank frowns at such inappropriate actions and is investigating the reported cases capable of undermining the smooth running of the economy.

She said, 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, she said, 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: https://forms.office.com/r/frZJ0f2hFQ to address complaints and inquiries on the subject.

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