Naira scarcity: CBN reveals those hoarding banknotes

A few days before Christmas, the Central Bank of Nigeria, CBN, warned Point-of-Sale operators and Deposit Money Banks not to stockpile Naira notes due to the ongoing scarcity of the currency.

This was announced in a statement on Thursday night by Sidi Ali, the top bank’s interim director of Corporate Communications.

The CBN emphasized that certain Deposit Money Banks and Point-of-Sale operators are working together to influence cash availability and interfere with the smooth flow of Naira.

As a result, the CBN announced that it has started looking into the situation and warned banks and PoS operators to stop acting this way or risk punishment.

CBN’s efforts coincided with growing public anger over the shortage of Naira notes and the chance for PoS operators to make significant profits.

CBN has also asked Nigerians to use different payment methods and direct their grievances through a digital channel mentioned in the statement.

“The attention of the Central Bank of Nigeria has been drawn to alleged 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 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.

“Meanwhile, 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 attached to address complaints and inquiries on the subject”, the CBN stated.

Although the CBN has assured Nigerians that cash is available, Zingtie recalls that people in many regions of the country have been complaining about a lack of it for months.

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