CBN announces fresh measures against cash crunch

CBN announces fresh measures against cash crunch

 The Central Bank of Nigeria (CBN) has told Nigerians to
report any difficulties with withdrawing cash from bank branches or Automated
Teller Machines, ATM, to the apex bank.

 

The governor of CBN, Olayemi Cardoso, made this call on
Friday during the Chartered Institute of Bankers of Nigeria’s annual Bankers’
Dinner.

 

His call comes amid reports of cash shortages at banks, both
at ATMs and over the counter.

 

The development had led some point-of-sale operators to
increase service charges by N50 depending on the location in Nigeria.

 

Reacting, Cardoso said, “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 will impose penalties on underperforming
institutions. Effective December 1, 2024, customers are encouraged to report
any difficulties with withdrawing cash from bank branches or ATMs directly to
the CBN through designated phone numbers and email addresses for their
respective states.”

 

He added that “CBN will continue to maintain a robust cash
offering to meet the country’s needs, particularly during high-demand periods
such as the festive season and year-end.”

Source: CBN announces fresh measures against cash crunch

 - NigerianEye
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