CBN announces fresh measures against cash scarcity

Keep up with latest news and be part of our weekly giveaways and airtime sharing, follow our WhatsApp channel for more update. Click to Follow us

Nigerians have been instructed by the Central Bank of Nigeria (CBN) to notify the apex bank of any issues they are having withdrawing cash from bank branches or Automated Teller Machines (ATMs).

Olayemi Cardoso, the governor of CBN, made this request on Friday during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.

Reports of cash shortages at banks, both at ATMs and over the counter, coincide with his call.

Depending on the area in Nigeria, the incident caused certain point-of-sale companies to raise service fees by N50.

Reacting, Cardoso said, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

“To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions. Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.”

He added that “CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.