The Central Bank of Nigeria (CBN) has issued a stern warning to banks over the persistent scarcity of cash at automated teller machines (ATMs) across the country. CBN Governor Olayemi Cardoso made the announcement during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.
Cardoso criticized the ongoing cash crunch, which has left many Nigerians struggling to access funds. “We recognize the challenges posed by cash shortages at ATMs, which disproportionately impact ordinary Nigerians,” he stated.
To address the issue, the CBN has begun spot checks on deposit money banks and has vowed to penalize institutions failing to comply with cash disbursement directives. The apex bank had earlier directed banks to prioritize ATM withdrawals and warned against practices that encourage currency hawking.
Starting December 1, 2024, the CBN will empower customers with a new complaint mechanism. Individuals facing difficulties in accessing cash at ATMs or bank branches can report incidents directly to the CBN using state-specific phone numbers and email addresses. Awareness campaigns and detailed guidelines will be rolled out nationwide to ensure public participation.
The governor also stressed that financial institutions engaging in malpractices or non-compliance would face severe consequences. “The CBN remains committed to ensuring adequate cash availability, especially during high-demand periods such as the festive season,” Cardoso added.
In addition to tackling cash shortages, Cardoso addressed Nigeria’s foreign exchange (FX) challenges, revealing that the country lost N6.2 trillion in potential revenue due to inflexibility in its FX regime. “These funds could have been pivotal for investments in education, healthcare, and infrastructure,” he noted.
Cardoso outlined the CBN’s broader reforms aimed at strengthening Nigeria’s economy. Key priorities include boosting domestic refining capacity, encouraging non-oil exports, and leveraging technological advancements in the financial sector. “Our focus remains on rebuilding economic resilience and delivering sustainable growth,” he concluded.
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