Central Bank Of Nigeria Threatens Action Against Banks Not Dispensing Cash At ATMs

Central Bank Of Nigeria Threatens Action Against Banks Not Dispensing Cash At ATMs

The Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has announced plans to impose sanctions on banks that do not dispense cash through their automated teller machines (ATMs). This initiative is part of the CBN’s efforts to ensure an adequate supply of cash in circulation……CONTINUE READING 

Cardoso made this statement during the 297th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday. He emphasized that it is unacceptable for there to be insufficient cash available for withdrawals, asserting that banks are responsible for maintaining cash availability.

To enforce this, the CBN has established a monitoring system to ensure compliance, warning that any bank that fails to adhere to this directive will face penalties.

“We have developed a monitoring and spot-checking system to verify that banks are fulfilling their obligations,” he explained. “If they are not, there will be sanctions. However, I believe that at this stage, all stakeholders recognize their roles in ensuring that cash reaches the intended destinations.”

Despite the ongoing challenges, Nigerians have increasingly turned to Point of Sale (POS) machines for cash withdrawals, although there have still been numerous instances of difficulty accessing cash at ATMs.