CBN Urges Nigerians To Report ATM Withdrawal Issues Starting December 1

The Central Bank of Nigeria (CBN) has called on Nigerians to report any difficulties they encounter while withdrawing cash from bank ATMs or branches starting December 1.

CBN Governor, Olayemi Cardoso, made this announcement on Friday during the 2024 annual bankers’ dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso emphasized that customers experiencing problems should report them directly to the CBN through designated phone numbers and email addresses specific to each state. “Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” he stated. He further warned that financial institutions found guilty of malpractice or sabotage would face severe penalties.

The CBN Governor also reassured Nigerians that the bank would continue to maintain a sufficient cash buffer to meet the country’s needs, especially during high-demand periods such as the festive season and year-end. He stressed that ensuring a smooth flow of cash would help foster trust and stability in the financial system.

Additionally, Cardoso noted that the CBN is working towards improving payment systems in the country. “In 2025, payment gateways for financial transactions will improve, and we will address any delays,” he said. Cardoso underlined that trust is crucial in promoting digital transactions and assured that the CBN would take necessary actions to preserve it. He also mentioned that vulnerable populations are often the most affected by delays in transactions and that the apex bank would impose penalties on institutions that fail to comply with regulations, ensuring swift action is taken.

Looking ahead to 2025, Cardoso outlined plans to prioritize initiatives such as implementing an open banking framework, advancing contactless payment systems, and expanding the regulatory sandbox. The CBN also aims to issue updated guidelines for agency banking and enhance electronic payment channels. Cardoso added that Nigeria is expected to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025, with plans to tackle money laundering, cybercrime, fraud, and corruption.

Pius Olanrewaju, president of CIBN, also spoke at the event, highlighting the positive impact of the various policies and regulations introduced by the CBN and the federal government. He pointed out that the Nigerian economy continues to show resilience, with steady growth from 2.98% in Q1 to 3.46% in Q3 of 2024.

He also noted that the banking industry had displayed resilience despite challenges like inflation and exchange rate fluctuations. Olanrewaju mentioned that the ongoing bank recapitalization process was crucial to strengthening the financial sector and supporting Nigeria’s vision of becoming a $1 trillion economy by 2030.

Ibrahim Stevens, the governor of Sierra Leone’s Central Bank, commended the efforts of both the CBN and CIBN. He praised their contributions to the financial ecosystem in Africa and globally and called for further collaboration to build a solid financial foundation across the continent.

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