Naira Scarcity: CBN Issues Warning To Commercial Banks
The Central Bank of Nigeria (CBN) has warned financial institutions of severe penalties if they fail to address the ongoing cash scarcity at Automated Teller Machines (ATMs).
Naija News reports that the CBN Governor, Olayemi Cardoso, issued this warning on Friday during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.
His remarks follow widespread reports of cash shortages at both ATMs and bank counters.
Addressing the issue, Cardoso said, “We are aware of the persistent challenges with cash availability at ATMs, which heavily impact everyday Nigerians. To tackle this, we are conducting spot checks on deposit money banks and will penalize institutions that fail to meet expectations.”
He further announced that, effective December 1, 2024, customers experiencing difficulties withdrawing cash at ATMs or bank branches can report such issues directly to the CBN through dedicated phone lines and email addresses provided for each state.
“Comprehensive guidelines will be made available to ensure public awareness,” Cardoso said. “We will also enforce full compliance among all stakeholders, including mobile money operators and POS agents, to enhance digital transaction channels and improve customer service. Financial institutions found guilty of malpractices or sabotage will face strict sanctions.”
The CBN also 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.
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