CBN announces fresh measures against cash crunch

The Central Bank of Nigeria (CBN) has told Nigerians to report any difficulties with withdrawing cash from bank branches or Automated Teller Machines, ATM, to the apex bank.

The governor of CBN, Olayemi Cardoso, made this call on Friday during the Chartered Institute of Bankers of Nigeria’s annual Bankers’ Dinner.

His call comes amid reports of cash shortages at banks, both at ATMs and over the counter.

The development had led some point-of-sale operators to increase service charges by N50 depending on the location in Nigeria.

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

“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.”

He added that “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.”