By CHIDIEBERE NWANKWO
Nigeria’s financial industry regulatory body, the Central Bank of Nigeria (CBN) on Thursday issued stern warning to Deposit Money Banks (DMBs) and Point of Sale (PoS) operators over allegations of capping and hoarding of the Naira.
In a statement by the Apex bank and widely circulated online, the acting Director, Corporate Communications, Mrs. Sidi Ali Hamaka disclosed that the CBN had received complaints of misappropriation of the Naira against banks.
Her statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to alleged cases of collusion between 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 threatened banks and PoS operators to desist from such activities “as relevant sanctions shall be meted out to those found wanting.”
The regulatory authority further urged members of the public to use alternative payment channels as well as report any case of unathourised activities, such as capping and hoarding by banks or PoS agents, to the CBN branch in their locations, or via a link attached to the statement (https://forms.office/r/frZJ0f2hFQ?ORIGIN=qrcODE) to address complaints and enquiries on the subject.
However, some customers who responded to CBN’s statement on X, tasked the apex bank to be diligent and fair in conducting their investigation to unravel the truth behind the scarcity of Naira notes. Some of them accused the regulator of masterminding the scarcity in order to promote its cashless policy, and force bank customers to resort to alternative channels for transactions. Some others called for the arrest and questioning of PoS agents and bank managers, as a means of tracing the source of the scarcity, if CBN insists that there is enough fund circulating in the system.
It will be recalled that at the beginning of the month of December, banks started restricting customers from making withdrawals above some stipulated amounts. Some banks pegged their withdrawal limit, both at ATMs and across the counter at N5000, while some others say they have not been supplied cash from the CBN to disburse to customers, hence their ATM galleries were devoid of cash.
The situation worsened with time, eliciting frustration and chaos in some banking halls.
However, bank customers have often times wondered where and how POS merchants get their funds from and how sellers of naira at public parties and functions get their new mint currencies from.
