Banks colluding with POS operators to disrupt Naira circulation — CBN

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As cash scarcity occasioned by the redesign of three naira notes continues to bite Nigerians about a year after the implementation of the policy, the CBN has warned against collusion between Deposit Money Banks (DMBs) and Point-Of- Sale (PoS) operators.

In a statement on Thursday by its spokesperson, Sidi Ali, Hakama, the apex bank said such collusion was affecting the availability of cash and the seamless circulation of the naira in the country. The CBN said it was investigating reported cases of collusion between banks and PoS operators “capable of undermining the smooth running of the economy”.

“The CBN frowns at such inappropriate actions by certain individuals & is investigating the reported cases capable of undermining the smooth running of the economy,” the statement partly read.

“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.”


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