The Central Bank of Nigeria (CBN) has issued a warning to banks and Point-of-Sale (PoS) operators over an alleged conspiracy that is hindering the availability of cash in the country.

The CBN’s statement follows reports of banks and PoS operators cooperating to limit cash withdrawals and hoard Naira notes.

CBN spokesperson Sidi Ali Hakama, however, stated in a statement on Thursday that it frowns at such inappropriate actions by these certain individuals and is investigating the reported cases capable of undermining the economy.

Hakama said the CBN is warning banks and PoS operators to desist from such activities, as relevant sanctions shall be meted out to those found culpable.

Meanwhile, the CBN urged members of the public 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.

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