CBN Warns Financial Institutions Against Cash Scarcity at ATMs
The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions, stating that they will face severe penalties if they fail to address the ongoing cash scarcity at Automated Teller Machines (ATMs). The warning comes as a response to widespread reports of cash shortages at both ATMs and bank counters.
CBN Governor Olayemi Cardoso made the announcement during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria. He emphasized the significance of addressing these cash availability challenges, which are heavily impacting the daily lives of ordinary Nigerians.
Cardoso revealed that the CBN is taking swift action to address this issue. “We are conducting spot checks on deposit money banks to ensure they meet expectations. We will not hesitate to penalize institutions that fail to meet these standards,” he said.
The CBN is also taking steps to make it easier for customers to report issues with cash withdrawal. Beginning December 1, 2024, customers can report difficulties withdrawing cash at ATMs or bank branches directly to the CBN through dedicated phone lines and email addresses provided for each state.
To ensure public awareness, the CBN will be releasing comprehensive guidelines. The bank is also vowing to enforce full compliance among all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve customer service. Financial institutions found guilty of malpractice or sabotage will face stiff penalties.
In addition, the CBN reaffirmed its commitment to maintaining adequate cash flow across the country, particularly during peak demand periods such as the festive season and year-end celebrations.
