CBN Introduces New Measures to Address ATM Cash Shortages

The Central Bank of Nigeria (CBN) has reported new ways to tackle the ongoing problems with cash availability at ATMs all over the country.

This was made known by CBN Governor Olayemi Cardoso on Friday, November 29, 2024, during the Chartered Institute of Bankers of Nigeria’s annual Bankers’ Dinner, following recent reports of cash shortages at banks, both at ATMs and over the counter.

Cardoso also affirmed that financial institutions involved in misconduct or sabotage would face the law.

The CBN Governor said, “We also know about the ongoing problems with cash availability at ATMs, which unfairly affect ordinary Nigerians.

“To tackle this, we are conducting spot checks across deposit money banks, and we will enforce penalties on underperforming institutions. Effective December 1, 2024, customers are advised to report any issues with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their different states.

“Instructions will be announced 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 enhance service delivery. I repeat, financial institutions found engaging in malpractices or sabotage will face severe penalties.

“The CBN will begin to maintain a robust cash offering to meet the country’s needs, especially during high-demand periods such as the festive season and year-end.”