The Central Bank of Nigeria (CBN) has issued a stern warning to banks over the persistent cash scarcity at automated teller machines (ATMs), threatening hefty penalties for those found complicit in sabotaging the system.
Olayemi Cardoso, Governor of the CBN, delivered this message during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.
Earlier in November, complaints surfaced on social media platform X about the unavailability of cash at ATMs, forcing many Nigerians to rely on point-of-sale (POS) operators. In response, on November 15, the CBN directed banks to prioritise cash distribution through ATMs to address the issue.
The apex bank also issued a warning against the illegal disbursement of naira notes to individuals engaging in currency hawking, emphasising that such actions would attract strict penalties.
Reiterating the directive, Cardoso stated that any bank found violating these regulations would face severe consequences.
“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.
“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.”
Speaking on foreign exchange (FX), Cardoso said Nigeria missed out on a potential N6.2 trillion due to its less flexible FX regime.
“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” Cardoso said.
The CBN governor said the apex bank is focused on rebuilding Nigeria’s economic resilience through targeted reforms, including prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.
