The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions, vowing severe penalties for those failing to address the persistent cash shortages at Automated Teller Machines (ATMs) and bank counters.
This warning was delivered by CBN Governor Olayemi Cardoso during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria on Friday.
The governor acknowledged widespread complaints about limited access to cash, a situation he described as a significant hardship for everyday Nigerians. “We are aware of the persistent challenges with cash availability at ATMs, which heavily impact everyday Nigerians,” Cardoso said. “To tackle this, we are conducting spot checks on deposit money banks and will penalize institutions that fail to meet expectations.”
In a bid to address the crisis, the CBN announced new measures to improve cash availability and digital transaction systems. Effective December 1, 2024, customers experiencing difficulties withdrawing cash will be able to report such incidents directly to the apex bank through dedicated phone lines and email addresses, which will be made available for each state.
“Comprehensive guidelines will be released to ensure the public knows how to report cash withdrawal challenges,” Cardoso stated. He emphasized that the CBN will enforce full compliance among all financial stakeholders, including mobile money operators and POS agents, to enhance customer service and expand access to digital transaction platforms. “Financial institutions found guilty of malpractices or sabotage will face strict sanctions,” he added.
The CBN also reaffirmed its commitment to ensuring a steady cash flow across the country, particularly during high-demand periods such as the festive season and year-end celebrations. Cardoso assured Nigerians that the apex bank is working to ensure that both physical cash and digital payment options are adequately accessible.
These steps, he noted, aim to alleviate the struggles faced by Nigerians due to the ongoing cash scarcity while holding financial institutions accountable for lapses in service delivery.
