CBN Warns Banks Over Cash Scarcity, Threatens Sanctions
The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions over the ongoing cash shortages at Automated Teller Machines (ATMs) and bank counters, threatening to impose fines on defaulting operators.
CBN Governor Olayemi Cardoso made this announcement on Friday at the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria.
Recent reports have highlighted widespread difficulties in accessing cash across banks, leaving many Nigerians frustrated. Addressing the issue, Cardoso stated:
"We are aware of the persistent cash availability challenges at ATMs, which disproportionately impact ordinary Nigerians. To tackle this, we are conducting spot checks across deposit money banks and will impose penalties on institutions failing to meet expectations."
The CBN governor added that from December 1, 2024, customers encountering cash withdrawal difficulties at ATMs or bank branches are encouraged to report directly to the CBN through designated phone numbers and email addresses specific to each state.
"Guidelines will be widely disseminated to increase public awareness," Cardoso said. He further emphasized the need for regulatory compliance across the financial sector, including mobile money operators and POS agents, to enhance digital transaction channels and improve service delivery.
The governor warned:
"Financial institutions engaging in malpractice or acts of sabotage will face severe consequences. The CBN remains committed to maintaining a robust cash supply to meet the country's needs, especially during high-demand periods like the festive season and year-end."
The announcement underscores the CBN’s commitment to ensuring accountability and efficiency within the financial sector.
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