Naira Scarcity: CBN Empowers Customers To Report Banks

The Central Bank of Nigeria (CBN) has directed all deposit money banks to guarantee consistent cash availability both over-the-counter and through automated teller machines (ATMs) across the country.

The CBN mandate aims to address persistent cash shortages and ensure optimal currency circulation, particularly ahead of the festive season.

In a circular titled “Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines”, shared on its verified social media platforms, the CBN reiterated its commitment to resolving cash distribution challenges. The apex bank assured Nigerians that adequate banknotes had been distributed to banks based on their operational capacities, dismissing concerns of a potential cash crunch.

To enhance compliance, the CBN urged citizens to report incidents of cash unavailability in banks or ATMs. Customers were encouraged to provide detailed documentation, including the bank’s name, location, date, and time of the incident. Reports can be submitted via specific phone numbers and email addresses assigned to each state.

The directive, signed by Acting Directors of Currency Operations and Branch Operations, Solaja Mohammed Olayemi and Isa-Olatinwo Aisha, also warned that banks found hoarding cash or failing to comply would face sanctions.

This move comes as the holiday season approaches, a period marked by heightened cash demand. The CBN’s proactive measures aim to ensure smooth financial operations for individuals and businesses during this critical time.
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