The Central Bank of Nigeria (CBN) has threatened to impose fines on financial institutions failing to address the ongoing cash scarcity at ATMs.
Governor Olayemi Cardoso made this announcement on Friday during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria.
He acknowledged the challenges Nigerians face in accessing cash both at ATMs and over the counter. Cardoso revealed that the CBN will conduct spot checks across banks and penalize underperforming institutions. Starting December 1, customers are encouraged to report any cash withdrawal issues to the CBN through designated contact channels.
The CBN also emphasized regulatory compliance by mobile money operators and POS agents, promoting digital transactions for improved service delivery. Cardoso assured the public that the CBN will ensure adequate cash availability, especially during high-demand periods like the festive season.
0
0
