CBN Directs Nigerians to Report Banks Without Cash in ATMs
The Central Bank of Nigeria (CBN) has issued a directive to all deposit money banks (DMBs) to ensure they dispense cash to customers, while urging Nigerians to report any banks failing to do so.
In a circular addressed to both the banks and the general public, the CBN emphasized that it would intensify its oversight to sanction any bank found hoarding cash. The circular was shared on the CBN’s verified X handle on Tuesday.
CBN Governor, Yemi Cardoso, reassured the public that sufficient banknotes had been supplied to all banks according to their capacities, and there was no reason for cash shortages, especially with the upcoming holiday season.
The letter, titled “Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines,” was issued to ensure efficient and optimal currency circulation within the economy.
The circular outlined the following directives:
- For Deposit Money Banks (DMBs): Banks are instructed to ensure efficient cash disbursement both Over-the-Counter (OTC) and via ATMs. The CBN will enhance its oversight to ensure compliance with these directives.
- For the General Public: Nigerians who are unable to access cash OTC or at ATMs are encouraged to report these instances using designated channels. The reports will help the CBN address issues hindering cash availability and improve currency circulation.
For affected individuals, the CBN instructed them to provide the necessary details, including the bank’s name, the amount, time, and date of the incident. Reports can be made via the designated phone numbers or email addresses of CBN branches in the relevant states.
The circular, which became effective on December 1, 2024, is part of the CBN’s efforts to maintain cash availability and improve the efficiency of currency circulation across the country.
