The Central Bank of Nigeria (CBN) has vowed to crack down on banks failing to make cash available to customers. Governor Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria dinner in Lagos, announced that the CBN would begin routine inspections of ATMs from December 1, 2024. Any bank found guilty of hoarding cash or unable to provide cash to customers would face strict penalties.
This measure comes in response to persistent cash shortages across the country, which have caused widespread frustration among Nigerians. Many Automated Teller Machines (ATMs) are often empty, and Point-of-Sale (POS) operators have hiked their transaction fees due to scarcity.
Cardoso emphasized the importance of maintaining a stable cash flow system, especially during periods of high demand such as the festive season and year-end. He assured Nigerians that the CBN would uphold a robust cash buffer to ensure stability and rebuild trust in the financial system.
Additionally, customers experiencing difficulties accessing cash at bank branches or ATMs are encouraged to report such incidents directly to the CBN starting December. Cardoso stated, “Our focus is to guarantee seamless cash flow for Nigerians while fostering trust and stability in the banking system.”
