The Central Bank of Nigeria (CBN) has mandated all deposit money banks (DMBs) to ensure efficient cash disbursement to customers via over-the-counter (OTC) transactions and Automated Teller Machines (ATMs). This directive aims to improve currency circulation and prevent a cash shortage, particularly ahead of the Yuletide season.
The circular, titled “Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines”, was issued on December 1, 2024, and posted on the CBN’s verified X handle.
- Efficient Cash Distribution
- DMBs are instructed to ensure seamless cash availability for customers at their branches and ATMs.
- The CBN will intensify oversight to enforce compliance, warning of sanctions for non-compliance.
- Reporting Mechanism for the Public
- Bank customers unable to access cash are encouraged to report incidents to the CBN via:
- Phone Calls: Contact the CBN branch in the state of the incident.
- Email: Report details to the designated email addresses for the respective CBN state branches.
- Required details for reporting include:
- Account name.
- Name of the bank.
- Amount requested.
- Time and date of the incident.
- Bank customers unable to access cash are encouraged to report incidents to the CBN via:
- Availability of Resources
- A list of dedicated phone numbers and email addresses for all CBN branches nationwide is included in the circular to facilitate reporting.
CBN’s Position on Cash Circulation
CBN Governor, Yemi Cardoso, affirmed that sufficient banknotes have been supplied to banks across the country in accordance with their capacities. He emphasized that there is no justifiable reason for a cash shortage, especially during the holiday season.
The acting directors of currency operations, Solaja Mohammed Olayemi, and branch operations, Isa-Olatinwo Aisha, underscored the urgency of the directive, reiterating that it took effect immediately on December 1, 2024.
Public Collaboration Encouraged
The apex bank urged members of the public to take advantage of the reporting channels to ensure erring banks are held accountable. This collaborative effort is expected to address issues hindering cash availability and promote optimal currency circulation in Nigeria.
