Connect with us

    Hi, what are you looking for?

    E-Financial

    CBN Governor Issues Stern Warning to Banks Over Cash Scarcity – Ravenewsonline

    CBN
    CBN

    Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs).

    Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.

    The cash crunch has drawn public attention, with some Nigerians taking to X on November 13 to express frustrations over empty ATMs and reliance on point-of-sale (POS) operators.

    Read Also: CBN Governor Issues Stern Warning to Banks Over Cash Scarcity – Ravenewsonline

    Two days later, the CBN directed banks to prioritise ATM cash disbursements and cautioned that penalties would be imposed on those enabling currency hawking.

    “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”

    The CBN governor announced measures to empower customers, starting 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.”

    Cardoso reiterated that financial institutions engaging in malpractices or sabotage would face severe consequences.

    “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.”

    On foreign exchange (FX) matters, Cardoso highlighted Nigeria’s missed opportunity for N6.2 trillion in potential revenue due to a less flexible FX regime.

    “These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” he said.

    Read Also: USSD Debt Issue: NCC and CBN to Resolve Telecoms, Banks’ Dispute – Ravenewsonline

    The governor added that the apex bank is committed to rebuilding Nigeria’s economic resilience through targeted reforms.

    These include prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    World

    Late-night host Jimmy Kimmel didn’t hold back in mocking President Donald Trump after Trump claimed he was the target of “triple sabotage” during his...