By Kolawole Ojebisi
The Central Bank Of Nigeria(CBN)has said its officials will be conducting on the spot checks across banks to ascertain financial institutions operating in compliance with the apex regulations, and impose fines on erring banks over the ongoing cash scarcity at automated teller machines (ATMs)
The CBN governor, Olayemi Cardoso, said this on Friday at the annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CBN)
This is coming two weeks after some Nigerians took to X to complain about lack of cash in bank ATMs and having to depend on point of sale (POS) operators.
Reacting to the development two days later, the CBN directed banks to prioritise cash disbursement through ATMs.
The regulator also warned that banks disbursing naira notes to persons hawking the Nigerian currency will be penalized.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” the CBN governor said.
“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.”
Speaking on foreign exchange (FX), Cardoso said Nigeria missed out on a potential N6.2 trillion due to its less flexible FX regime.
“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” Cardoso said.
The CBN governor said the apex bank is focused on rebuilding Nigeria’s economic resilience through targeted reforms, including prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.
