CBN to Sanction Banks and POS
for Hoarding Cash
The Central Bank of Nigeria (CBN) is not happy with some banks and Point of Sales (POS) operators. They believe that these banks and operators are hoarding cash, which is causing a scarcity of Naira. The CBN has warned that they will punish anyone found guilty of this behavior. They are asking the public to report any instances of hoarding or other unauthorized activities.
The CBN’s Statement
The CBN released a statement about the issue. The statement was signed by Mrs. Hakama Sidi-Ali, the Ag. Director of Corporate Communications. In the statement, the CBN expressed their concern about collusion between some banks and POS operators. They believe that this collusion is making it difficult for cash to circulate smoothly.
Investigation and Sanctions
The CBN is taking these allegations seriously. They are investigating the reported cases of collusion and hoarding. They want to make sure that the economy can run smoothly. The CBN has warned banks and POS operators to stop these activities. If they don’t, they will face sanctions.
Reporting Unauthorized Activities
The CBN is asking the public for help. They want people to use alternative payment channels and report any unauthorized activities they see. This includes hoarding and capping by banks or POS agents. People can report these activities to the CBN branch in their area or through an online form.
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