The Central Bank of Nigeria (CBN) has warned financial institutions that it will impose fines on those responsible for the ongoing cash shortages at Automated Teller Machines (ATMs).
This announcement was made by CBN Governor, Olayemi Cardoso, on Friday during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria. The country has recently faced widespread issues with cash availability, both at ATMs and over the counter.
Cardoso acknowledged the difficulties these shortages are causing, particularly for ordinary Nigerians. He said, “We recognize the ongoing challenges with cash availability at ATMs, and we are committed to addressing these issues.”
To tackle the problem, the CBN is conducting spot checks across deposit money banks and plans to penalize institutions that fail to meet expectations. Starting December 1, 2024, customers are encouraged to report any issues with cash withdrawals directly to the CBN via designated phone numbers and email addresses specific to their states.
The Governor also announced that guidelines would be widely distributed to raise awareness and promote digital payment methods. He urged all stakeholders, including mobile money operators and POS agents, to ensure compliance with regulations to enhance service delivery.
“We will not tolerate malpractices or sabotage,” Cardoso emphasized, adding that financial institutions found engaging in such activities will face strict penalties.
The CBN will continue to ensure a steady supply of cash to meet the country’s needs, especially during high-demand periods like the festive season and the year-end.
