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Central Bank Of Nigeria CBN has Announced lasting measures to tackle ATM Cash Shortages nationwide.
The Central Bank of Nigeria (CBN) has unveiled strategic measures to address persistent ATM cash shortages nationwide, ensuring that Nigerians have access to adequate funds.
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Central Bank Of Nigeria CBN
This proactive move was announced by the CBN Governor, Olayemi Cardoso, during the Chartered Institute of Bankers of Nigeria’s (CIBN) annual Bankers’ Dinner in Lagos.
Addressing ATM Cash Shortages: A Priority for the CBN
Cash shortages at Automated Teller Machines (ATMs) and bank counters have recently sparked frustration among Nigerians, with many expressing concerns about the availability of cash.
Governor Cardoso emphasized that these challenges disproportionately affect ordinary citizens, and the CBN is determined to tackle the issue head-on.
To combat this, the CBN has begun spot checks across deposit money banks, with penalties promised for institutions failing to meet cash demand standards.
Effective December 1, 2024, Nigerians are encouraged to report any cash withdrawal difficulties—whether at ATMs or bank branches—directly to the CBN via designated phone numbers and email addresses provided for each state.
Ensuring Accountability in the Financial Sector
Governor Cardoso warned financial institutions against malpractices or deliberate sabotage.
Institutions found guilty of such actions will face severe penalties, underscoring the CBN’s commitment to enforcing compliance and improving the cash supply chain.
Public awareness campaigns will distribute guidelines to ensure customers are informed about their rights and reporting processes.
Additionally, the CBN is urging stakeholders—including mobile money operators and POS agents—to enhance digital transaction channels and improve service delivery across the nation.
Meeting Nigeria’s Cash Needs During High-Demand Periods
Governor Cardoso reassured Nigerians that the CBN would maintain a robust cash buffer to meet demand, particularly during festive and high-demand periods like year-end celebrations.
“The CBN will continue to uphold its responsibility of ensuring cash availability to foster trust and stability within the financial system,” he stated.
A Broader Vision for Nigeria’s Financial Landscape
Governor Cardoso also discussed the apex bank’s broader initiatives, including strengthening Nigeria’s payment systems by 2025.
These efforts include introducing an open banking framework, enhancing contactless payment systems, expanding the regulatory sandbox, and improving agency banking guidelines.
Moreover, the CBN aims to exit the Financial Action Task Force (FATF) grey list by Q2 2025 through intensified enforcement of anti-money laundering and cybersecurity measures.
A Focus on Digital Transactions
As part of its payment system vision for 2025, the CBN is addressing transaction delays and strengthening electronic payment channels.
Governor Cardoso emphasized that trust is crucial in fostering digital adoption, noting that delays disproportionately affect vulnerable populations.
To further boost Nigeria’s financial resilience, the CBN is targeting a monthly inflow of $1 million in diaspora remittances through improved frameworks and products aimed at engaging the Nigerian diaspora.
