- There have been reports of cash scarcity at banks in recent times both at ATMs and over the counter in banks.
- The CBN governor also stated that so far, nearly N1tn has been recovered from development programmes.
The Central Bank of Nigeria has vowed to penalize financial institutions responsible for the current cash shortage at Automated Teller Machines.
This warning was issued by CBN Governor Olayemi Cardoso at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos.
Recent reports indicate that many banks are experiencing cash shortages, affecting both ATM withdrawals and over-the-counter transactions.
Cardoso stated, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across Deposit Money banks, and we impose penalties on underperforming institutions.
Effective December 1, 2024, customers can report cash withdrawal difficulties directly to the CBN via designated phone numbers and email addresses.
“Guidelines will be distributed to raise public awareness, and we’ll ensure stakeholders comply with regulations to promote digital transactions and improve service delivery.
“Financial institutions engaging in malpractices will face severe penalties.
“The CBN will maintain a robust cash supply to meet the country’s needs, especially during peak demand periods.
The CBN governor announced that nearly N1tn has been recovered from development programs.
Cardoso had previously announced the discontinuation of intervention programs and revealed that the CBN invested over N10tn in various sectors.
He said, “As previously noted, the Central Bank’s return to orthodox monetary policy means refraining from direct intervention in developmental initiatives.
Nearly N1tn has been recovered or repaid under previous development finance programs due to enhanced monitoring and enforcement.
“Our focus remains on ensuring effective utilization and recovery of outstanding loans within established guidelines.
Development finance plays a role in Nigeria’s economy, but proper governance is essential for meaningful impact.
Cardoso projected increased diaspora and foreign investment over the next 12 months due to improved frameworks for deploying products targeting the Nigerian diaspora.
The apex bank aims for a monthly inflow of $1m in diaspora remittance.
“I recall when we focused on diaspora remittances and doubled the target, which many thought was impossible.
“We’re now targeting $1m per month in the near future.”
The CIBN conferred fellowship on the CBN governor and Lagos State Governor Babajide Sanwo-Olu.
Dignitaries in attendance included Minister of Budget and Economic Planning Atiku Bagudu and Senator Tokunbo Abiru.
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