Cardoso Blames DMBs, POS Agents For Cash Scarcity

The Central Bank of Nigeria, CBN, says collusion between some commercial bank and POS operators is affecting the free flow of cash in the country.

The cash scarcity started almost two months ago, with no end in sight to the problem despite CBN’s assurance that it is in top of the situation.

The apex bank raised the alarm amidst serious cash scarcity in the country, a problem many insist has defied CBN’s solutions.

The Yemi Cardoso-led CBN has come under trenchant criticism for being unable to bring the problem under control.

Not a few Nigerians have complained that the cash scarcity has been capitalised on by Money Agents to exploit customers.

But, in a manner of pushing back against its critics the CBN said some deposit money banks and POS operators are responsible for the cash disruptions being experienced currently.

The bank in a statement signed by Sidi Ali, Acting Director of Communication and Public Relations on Thursday, warned bank’s and POS operators to desist from such act to avoid serious sanctions.

It also advises the public to use other payment channels for their transactions.

The statement reads, “The attention of the Central Bank of Nigeria has been drawn to alleged cases of 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.”

Meanwhile, not a few have described the CBN current approach as a buck passing, after realising that the problem has got out of hands despite its promise to handle it.