The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions regarding the persistent cash shortages at Automated Teller Machines (ATMs). Governor Olayemi Cardoso made this announcement on Friday during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria.
Cardoso acknowledged the widespread cash scarcity impacting ordinary Nigerians and outlined immediate measures to address the issue. “We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” he said.
To tackle the problem, the CBN will begin spot checks across deposit money banks and enforce penalties on underperforming institutions. Starting December 1, 2024, customers are encouraged to report difficulties in accessing cash at ATMs or bank branches directly to the CBN via dedicated phone lines and email addresses specific to each state.
Additionally, the CBN plans to launch public awareness campaigns by distributing guidelines widely and ensuring regulatory compliance across all stakeholders, including mobile money operators and POS agents. This move aims to enhance digital transaction channels and improve overall service delivery.
“I repeat, financial institutions found engaging in malpractices or sabotage will face severe penalties,” Cardoso emphasized. He also assured Nigerians that the CBN remains committed to maintaining adequate cash flow, especially during peak periods like the festive season and year-end.
This development reflects the CBN’s resolve to ensure equitable access to cash and strengthen Nigeria’s financial system amid ongoing challenges.
