Apply Dissuasive Sanctions: CBN Gives Order to Bank as Customers Raise Alarm Over Cash Limit [Video]

• It has been established that employee actions at banks were reportedly preventing money from flowing into the economy
• This is on the back of reports that the banks were limiting money to customers and that ATMs were constantly empty
• The CBN also acknowledged that bank executives who own PoS terminals give operators priority to maintain their business

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The activities of bank staff members were allegedly impeding the cash flow in the economy, and as a result, the Central Bank of Nigeria (CBN) read the riot book to banks yesterday.

The central bank reported that it had seen that the effective flow of cash was being hampered by the malpractices and desperation of Point of Sale (PoS) …