In response to the ongoing cash scarcity at Automated Teller Machines (ATMs) across Nigeria, the Central Bank of Nigeria (CBN) has taken decisive action by releasing designated phone numbers and email addresses for customers to report difficulties in withdrawing cash.
This initiative is part of a broader effort to address the challenges faced by bank customers and ensure efficient currency circulation within the economy.
The CBN's directive, announced on November 29, 2024, by Governor Olayemi Cardoso, emphasizes the importance of reporting any issues encountered while attempting to withdraw cash over the counter or from ATMs.
The financial regulator has mandated that Deposit Money Banks (DMBs) prioritize cash disbursement through ATMs, warning that non-compliance could result in penalties. This move aims to alleviate the cash shortages that have been affecting ordinary Nigerians, particularly during high-demand periods such as the festive season and year-end.
To facilitate the reporting process, the CBN has provided specific guidelines for customers. Affected individuals are encouraged to provide details such as the account name, name of the DMB, amount, time, and date of the incident when making a report.
These reports can be submitted via the designated phone numbers and email addresses corresponding to the state where the issue occurred. This system is designed to help the CBN identify and address the root causes of cash scarcity, thereby improving overall currency availability.
In addition to these measures, the CBN has also threatened to impose fines on financial institutions that fail to comply with the new directives. During the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria, Governor Cardoso highlighted the ongoing spot checks being conducted across banks to ensure adherence to the guidelines.
He reiterated the CBN's commitment to maintaining a robust cash offering to meet the country's needs and urged all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels.
The CBN's proactive approach reflects its dedication to resolving the cash scarcity issue and enhancing the efficiency of Nigeria's financial sector. By providing clear channels for reporting and enforcing compliance among banks, the CBN aims to restore confidence in the banking system and ensure that customers have reliable access to their funds.
Comments