CBN Introduces New Measures to Tackle Cash Shortages at ATMs
The Central Bank of Nigeria (CBN) has unveiled a series of initiatives aimed at resolving the ongoing issues related to cash accessibility at automated teller machines (ATMs) nationwide. This announcement was made by CBN Governor, Olayemi Cardoso, during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria on Friday. The statement follows numerous reports highlighting cash shortages both at ATMs and within bank branches.
Governor Cardoso acknowledged that these cash availability challenges are significantly impacting ordinary Nigerians. He emphasized the CBN’s commitment to monitoring the situation by conducting surprise inspections across various deposit money banks, with strict penalties to be enforced on institutions that fail to meet performance standards.
“Effective December 1, 2024, we encourage customers to directly report any issues related to cash withdrawal from bank branches or ATMs to the CBN using the designated phone numbers and email addresses allocated for their respective states,” Cardoso said. He added that comprehensive guidelines will be widely circulated to heighten public awareness of the reporting mechanism.
In addition to these measures, Cardoso called for all stakeholders—including mobile money operators and point-of-sale agents—to ensure full compliance with regulations to foster digital transaction channels and enhance overall service delivery. He reiterated that financial institutions participating in malpractice or sabotage will face significant repercussions.
Cardoso also assured that the CBN intends to maintain a sufficient cash supply to satisfy the nation’s demands, especially during peak periods such as the festive season and the end of the year.
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