The Central Bank of Nigeria (CBN) has instructed all deposit money banks (DMBs) across the country to ensure they consistently dispense cash to customers, urging customers to report any bank that fails to comply.
In a circular shared with both the banks and the general public, the CBN emphasized that it would strengthen its monitoring efforts and impose sanctions on any bank found hoarding cash.
The circular was posted on the CBN’s official X (formerly Twitter) account on Tuesday.
CBN Governor, Yemi Cardoso, reassured the public that sufficient banknotes have been supplied to all banks based on their capacity, adding that there should be no reason for a cash shortage, particularly as the holiday season approaches.
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The circular, titled ‘Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines,’ outlines the CBN’s commitment to ensuring efficient and optimal currency circulation in the economy.
“As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:
“Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
“General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below. This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.
“For DMB Branches and/or ATMs locations not dispensing cash, members of the public affected are to provide the relevant details which shall include account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels: phone call: designated phone number(s) of the CBN branch in the state where the incident(s) occurred; email: or send an email of the incident to the designated email address for state in which the incident(s) occurred.
“Accordingly, find attached phone numbers and email addresses of the Central Bank Branches in each state of the Federation,” the letter that was jointly signed by the Ag. director, currency operations, Solaja,Mohammed Olayemi, and the Ag. director, branch operations, Isa-Olatinwo, Aisha, read in part.
The CBN also stated that the circular will take effect on December 1, 2024.
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The current cbn management headed by cardoso has successfully turned Nigeria and nigerian in lottery generally known as Kalu Kalu. When they are fully aware of the banks not funding their ATM machines due to them the cbn becoming a toothless bulldog. You now want who to victimize by reporting the banks with full details of the customer. This is arrant nonsense send the monitoring team to visit any bank even the ones close to the cbn and see if there is a single naira. You’ve damaged the economy but definitely your time will pass and what you left behind will speak for you.