The Central Bank of Nigeria (CBN) has introduced an initiative to address ongoing issues with cash scarcity at ATMs and bank branches across the country. Starting December 1, 2024, the CBN encourages Nigerians to report difficulties in accessing cash via designated state-specific phone numbers and email addresses. This directive was announced by CBN Governor Olayemi Cardoso during the 2024 Annual Bankers’ Dinner in Lagos.
The CBN aims to ensure that banks comply with cash availability requirements, especially during the festive season. Banks and financial institutions that fail to address cash distribution challenges or engage in malpractice will face penalties. The central bank has also promised to maintain a robust cash buffer and conduct spot checks on financial institutions to monitor compliance.
This measure is part of broader efforts by the CBN to enhance financial service delivery and consumer trust in Nigeria’s banking system.
