The Central Bank of Nigeria (CBN) has issued a directive to all deposit money banks in the country, mandating them to ensure the smooth and consistent dispensing of cash both over-the-counter and via automated teller machines (ATMs).
The move is aimed at addressing the persistent issues of cash shortages and ensuring optimal currency circulation, especially ahead of the busy festive season.
In a circular titled “Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines” and released on its verified social media handles, the CBN emphasized its commitment to resolving cash distribution challenges.
The apex bank assured the public that sufficient banknotes had been allocated to all banks according to their operational capacities, dismissing concerns over any looming cash crunch.
As part of its oversight measures, the CBN called on Nigerians to report instances where banks or ATMs fail to dispense cash.
Customers were encouraged to document and provide details such as the bank’s name, location, date, and time of the incident.
The reports can be submitted via dedicated phone numbers and email addresses provided by the CBN for each state.
The CBN also reiterated its readiness to sanction any bank found hoarding cash or failing to comply with the directives.
Acting Directors of Currency Operations and Branch Operations, Solaja Mohammed Olayemi and Isa-Olatinwo Aisha, jointly signed the circular.
This directive comes at a critical time as Nigerians prepare for the holiday season, a period characterized by high demand for cash.
