CBN Gives Simple Solution As Cash Dries Up In ATMs, Sends Message To UBA, GTB, Others

• Negligent financial firms could face penalties from the Central Bank of Nigeria over cash shortage at ATM machine
• The CBN governor claims that it will continue to maintain a robust cash offering to meet the needs of the country
• Additionally, he explained that customers can use phone numbers and email addresses to get in touch with the CBN directly

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria (CBN) is set to penalize negligent financial firms for the ongoing cash shortage at Automated Teller Machines (ATMs).

CBN Governor Dr. Olayemi Cardoso made this known on Friday at the annual Bankers' Dinner hosted by the Chartered Institute of Bankers of Nigeria.

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The declaration was made in response to reports of cash shortages in banks in recent days, both at ATMs and over the counter.

Cardoso stated,

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.”

He noted that in order to solve this, the bank is penalizing underperforming institutions and performing spot checks on deposit money banks.

The Punch reported that customers were also urged to contact the CBN directly using the phone numbers and email addresses provided for each state if they encountered any issues making cash withdrawals from bank branches or automated teller machines.

“Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. I repeat; financial institutions found engaging in malpractices or sabotage will face severe penalties.”

According to the CBN, it will keep up a strong cash offering to satisfy the needs of the nation, especially during times of high demand like the holidays and year-end.

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Legit.ng reported that to alleviate shortages across the country, the Central Bank of Nigeria (CBN) has promised banks a consistent flow of cash.

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This is as cash scarcity hits Nigerian banks as customers lament not being able to get enough cash from their various financial institutions.

A survey carried out by Legit.ng found that banks are beginning to ration cash to their customers, cutting down on requested amount to N10,000 and N20,000.