Naira Scarcity: CBN Hammer To Fall On Banks Colluding With PoS Operators

Commercial banks colluding with Point of Sale (PoS) operators to cause naira scarcity would soon be sanctioned by the Central Bank of Nigeria (CBN).

The apex bank handed down this warning via a press release, signed by its Ag. Director of Corporate Communications, Sidi-Ali, Hakama (Mrs.)

It said its attention had been drawn to alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) 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”.

IT encouraged members of the public to use alternative payment channels as

well as report any case of unauthorized 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

The Trade Union Congress of Nigeria (TUC) has issued a strong warning to the Central Bank of Nigeria (CBN) over the ongoing naira scarcity across the country. The Congress, representing millions of Nigerian workers, threatened to explore “usual options” if the situation doesn’t improve.

The Eagle reports that just today, the Trade Union Congress (TUC) had expressed concern onver what it described as sudden scarcity of the naira, urging the apex bank to do something about it or face unrest. 

The congress made its positon known via a statement signed by its president, Festus Osifo, and General Secretary, Nuhu Toro, released on Friday, December 22, in Abuja.

“The Trade Union Congress of Nigeria has watched with growing concern, alarm and dismay the sudden, inexplicable, acute scarcity of our currency, the Naira, across the country. Citizens simply find it difficult to access the Naira from banks and their outlets (especially the Automated Teller Machines, A. T. M). Consequently, they are being forced to patronise extortionist P. O. S operators who charge Shylock rates”

According to it, “This Naira scarcity must end now!!! Otherwise, the TUC, its affiliates, and our allies would be forced to consider exploring our usual options whenever the working people are pushed to the wall.”