The Central Bank of Nigeria (CBN) has promised to deal with banks that fail to make cash available to Nigerians. Governor Olayemi Cardoso said this during a dinner organized by the Chartered Institute of Bankers of Nigeria in Lagos.
Starting December 1, 2024, the CBN will inspect Automated Teller Machines (ATMs) across the country to ensure they have cash. Any bank that is found keeping cash back instead of giving it to customers will face strict punishment.
Many Nigerians have been struggling to access cash from ATMs. Often, the machines are empty, leaving people frustrated. Some Point-of-Sale (POS) operators have also increased their charges because of the cash scarcity, making life harder for citizens.
Governor Cardoso explained that the CBN wants to make sure there is enough cash flow, especially during the festive season when people spend more. He said, “Our goal is to make cash easily available for Nigerians and restore trust in the banking system.”
From December, Nigerians who face problems getting cash at ATMs or bank branches can report these issues directly to the CBN. This will help the apex bank take quick action against banks that fail to serve their customers properly.
- The CBN will monitor ATMs to ensure cash is available.
- Banks that fail to provide cash will face penalties.
- Customers can report empty ATMs or other cash problems to the CBN starting December.
The CBN’s decision is aimed at solving the cash shortage problem and making sure Nigerians can access their money easily.