Cardoso Vows To Severely Penalise Erring Banks Over ATM Cash Scarcity

Due to the persistent cash shortage at automated teller machines (ATMs), the Central Bank of Nigeria (CBN) has threatened to fine negligent banks.

At the Chartered Institute of Bankers of Nigeria’s (CIBN) annual Bankers’ Dinner on Friday, CBN Governor Olayemi Cardoso gave a speech.
Some Nigerians took to X on November 13 to voice their dissatisfaction over the lack of cash in bank ATMs and their need to rely on point-of-sale (POS) operators.
Two days after the event, the CBN responded by ordering banks to give cash disbursements via ATMs top priority.
Additionally, the regulator threatened to penalize banks that gave out naira notes to people selling Nigerian currency.

Cardoso stated in a statement on Friday that there would be harsh consequences for noncompliance.

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” the CBN governor said.

“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.

“Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. 

“I repeat, financial institutions found engaging in malpractices or sabotage will face severe penalties.

“The 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.”