The Central Bank of Nigeria (CBN) has announced that it will impose severe penalties on banks failing to resolve these shortages.
This announcement was made by CBN Governor Olayemi Cardoso during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN).
The cash crunch has become a significant issue for many Nigerians, who have expressed their frustrations over empty ATMs and the need to rely on point-of-sale (POS) operators.
In response, the CBN has directed banks to prioritize ATM cash disbursements and warned against enabling currency hawking.
"We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians," Cardoso stated.
Starting December 1, the CBN will empower customers to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses.
"Guidelines will be distributed widely to raise public awareness," Cardoso added.
The CBN is also urging full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.
Cardoso emphasized that financial institutions engaging in malpractices or sabotage would face severe consequences. "The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end," he assured.
Comments