The Central Bank of Nigeria (CBN) has warned against collusion between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators, as cash scarcity occasioned by the redesign of three-naira notes continues to bite Nigerians about a year after the implementation of the policy.
In a statement 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 is investigating reported collusion between banks and PoS operators “capable of undermining the smooth running of the economy.”
The apex bank encouraged members of the public to use alternative payment channels and report any unauthorised activities, such as capping and hoarding, by banks or PoS agents to the branches in their locations.
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