CBN Orders Banks To Make Cash Accessible To Customers

The Central Bank of Nigeria (CBN) has issued a directive directing Deposit Money Banks (DMBs) to prioritize efficient cash disbursement to customers both over the counter and via Automated Teller Machines (ATMs).

The decision went into effect on December 1, 2024, as part of the top bank’s ongoing efforts to improve currency circulation and alleviate cash shortages nationwide.

The CBN reaffirmed its determination to step up oversight of DMB activities to guarantee rigorous adherence to the directive in a circular co-signed by Aisha Isa Olatinwo, acting director of branch operations, and Mohammed J. Solaja, acting director of currency operations.

Addressed to banks and the public, the document, “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs),” outlined important policies and procedures for dealing with cash accessibility concerns.

The circular urged the public to use the appropriate channels to report instances of cash not being disbursed at ATMs or bank branches. This program aims to increase currency availability and solve issues that clients encounter while trying to access their money.

Affected parties must supply particular information, such as the bank’s name, account details, the amount in issue, and the date and time of the incident, for reporting to be successful, according to CBN.

Reports can be sent by email or phone to the appropriate CBN branch in the state where the problem occurred. The circular also included contact information for CBN branches in each of the federation’s states.

The CBN reaffirmed its commitment to maintaining the economy’s seamless currency circulation and urged banks and consumers to work together to accomplish this.