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The Central Bank of Nigeria has warned against collusion between Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators, describing such collusion as capable of affecting Nigeria’s progress. In a press statement signed and released by Sidi Ali, Hakama (Mrs.) Ag. Director of Corporate Communications, the apex bank said it had received several complaints over alleged conspiracy between some Deposit Money Banks (DMBs) and Point-Of-Sale (POS) operators to deliberately make naira notes scarce in the market, particularly during this festive session. ....
The scarcity of cash in banks has reportedly adversely affected economic activities in Southeast Nigeria as residents struggle to buy foodstuffs and other items for the Yuletide. Visits to commercial banks in Enugu, Ebonyi, Imo, Abia and Anambra states show that banks have run out of cash in their Automated Teller Machines (ATMs). In Enugu State, for instance, the ATMs at the First Bank branches in Okpara Avenue, Ogui Road, Presidential Road and Agbani Road were out of cash, leaving many customers stranded. ....