Cash Scarcity: CBN Vows to Sanction Banks that Fail to Load ATMs

The Central Bank of Nigeria has threatened to Sanction Banks that do not dispense cash through their Automated Teller Machine (ATM).

CBN Governor Olayemi Cardoso stated this on Friday at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria.

Cardoso’s announcement followed recent reports of cash shortages at banks, both at ATMs and over the counter.

Cardoso stated, “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.

“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.”