The Central Bank of Nigeria has issued a warning against Deposit Money banks as well as Point of Sales (POS) merchants over the hoarding of cash in the country.
This was contained in a circular signed by CBN’s acting director of Corporate Communications, Hakama Sidi-Ali, on Thursday.
The apex bank said there is an alleged collusion between the banks and PoS merchants disrupting the seamless circulation of the naira notes.
Furthermore, Sidi-Ali stated that the public should report cases of unauthorized activities such as hoarding of cash by banks or POS merchants to the CBN in their location or use the portal on released by the apex bank.
The CBN said,
Earlier, TheWitness reported that the Minister of Information during a media briefing at Abuja on Thursday noted that the CBN is working to address the naira scarcity in the country.
He said the cash crunch is not a deliberate action from the CBN, but some people hoarding cash to allow the seamless flow of economic activities in the country.
The minister said:
Source:
