As Nigerians continue to grapple with cash scarcity at banks Automated Teller Machines (ATMs) ahead of the Yuletide season, the Central Bank of Nigeria (CBN) has threatened to impose severe penalties on erring banks.
Olayemi Cardoso, governor of CBN, made this known on Friday at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).
The Matrix reports that some Nigerians recently took to X to complain about the lack of cash in bank ATMs and having to depend on Point Of Sale (POS) operators.
Reacting to the development two days later, the CBN directed banks to prioritise cash disbursement through ATMs.
The regulator also warned that banks disbursing naira notes to persons hawking the Nigerian currency will be penalised.
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However, the menace has continued unabated. Speaking on Friday, Cardoso said non-compliance will lead to severe penalties.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” the CBN governor said.
“To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.
“Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
READ ALSO: CBN Threatens Sanctions On Banks For Cash Hoarding, Diversion
“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.
“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”
