In a renewed effort to address cash scarcity and optimize currency circulation, the Central Bank of Nigeria, CBN, has issued directives to banks to ensure seamless cash disbursement through Over-The-Counter withdrawals and Automated Teller Machines, ATMs.
Effective December 1, 2024, the directive was communicated via a circular dated November 29, issued by Acting Director of Currency Operations, Solaja Olayemi and Acting Director of Branch Operations, Isa-Olatinwo Aisha.
The apex bank emphasized its commitment to efficient cash distribution and invited public participation in identifying issues hindering access to cash.
READ ALSO : CBN reforms support strong, resilient African financial architecture- Cardoso
The CBN has made it easier for Nigerians to report cash unavailability at bank branches or ATMs. Affected individuals are advised to provide relevant details, including the bank name, account name, amount, and time of incident, through the following channels:
- Phone: Call the designated phone numbers of the CBN branch in the state where the issue occurred.
- Email: Send a detailed report to the state-specific CBN email address.
The CBN warned DMBs to comply strictly with the directive, stating that oversight measures would be intensified to ensure adherence.
“These steps will help address the challenges affecting cash availability and improve currency circulation,” the CBN stated.
The move comes amidst widespread complaints about cash scarcity. The CBN encouraged Nigerians to utilize the designated channels for reporting, reinforcing its goal to restore confidence in the banking system.
Credible News.ng
