The Central Bank of Nigeria (CBN) has announced new measures to combat the ongoing cash crunch affecting the nation. During the Chartered Institute of Bankers of Nigeria’s annual Bankers’ Dinner, CBN Governor Olayemi Cardoso addressed the issue of cash shortages at banks, both at ATMs and over the counter.
He urged Nigerians to report any difficulties in withdrawing cash from bank branches or ATMs directly to the CBN, starting December 1, 2024, through designated phone numbers and email addresses specific to their states.
Cardoso acknowledged the challenges faced by ordinary Nigerians due to limited cash availability at ATMs. To tackle this, the CBN is conducting spot checks across deposit money banks and will impose penalties on institutions that underperform.
The governor emphasized, "We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians."
The CBN aims to maintain a robust cash offering to meet the country's needs, especially during high-demand periods like the festive season and year-end.
Additionally, the CBN plans to collaborate with law enforcement agencies to enhance monitoring efforts through spot checks and mystery shopping activities, ensuring erring banks are held accountable and cash abuse is curtailed.
This initiative comes amid reports of point-of-sale operators increasing service charges due to cash shortages. The CBN's proactive approach seeks to alleviate these issues and ensure efficient cash distribution throughout Nigeria.
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