CBN Threatens Sanctions on Banks Hoarding Cash.
The Central Bank of Nigeria (CBN) has issued a stern warning to banks and other financial institutions engaging in malpractices or refusing to make cash available to Nigerians.
CBN Governor Olayemi Cardoso declared at the Chartered Institute of Bankers Nigeria (CIBN) dinner in Lagos.
Effective December 1, 2024, any bank found wanting will face severe sanctions.
Cardoso emphasized that the CBN will conduct routine checks at ATMs to ensure they are stocked with cash. Banks that fail to supply cash in some money ATMs will be punished.
This move comes amidst a nationwide cash scarcity, with many Point of Sale (POS) operators increasing their charges. Nigerians have frustrated many automated telling machines (ATMs) remain empty.
Cardoso reassured Nigerians that the CBN will maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods like the festive season and year-end.
The CBN focuses on seamless cash flow for Nigerians while fostering trust and stability in the financial system.
Customers are urged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN starting December 1, 2024.
