CBN Threatens Fines for Banks Over Cash Scarcity at ATMs, Urges Public to Report Issues

The Central Bank of Nigeria (CBN) has warned that it will impose fines on financial sector players who fail to address the ongoing cash scarcity at Automated Teller Machines (ATMs). This statement was made by CBN Governor, Olayemi Cardoso, during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria on Friday.

Recent reports have highlighted ongoing cash shortages at both ATMs and bank counters.

Cardoso acknowledged, “We are aware of the challenges Nigerians are facing with cash availability at ATMs, which is having a significant impact on ordinary citizens. To tackle this issue, we are conducting surprise checks on deposit money banks and will penalize those failing to meet expectations.”

He added that starting from December 1, 2024, customers will be able to report difficulties in withdrawing cash from ATMs or bank branches directly to the CBN via designated phone numbers and email addresses specific to each state.

“Guidelines for reporting will be widely circulated to increase public awareness,” Cardoso noted. “We will also emphasize the importance of regulatory compliance by all parties involved, including mobile money operators and POS agents, to foster digital transactions and improve service. I reiterate, any financial institutions found engaging in malpractice or sabotage will face stringent penalties.”

He concluded by stating that the CBN will continue to ensure sufficient cash availability to meet the country’s needs, especially during high-demand periods like the festive season and year-end.