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Ayomide Ayomide 
The Central Bank of Nigeria (CBN) has warned that it will fine banks that fail to provide enough cash at Automated Teller Machines (ATMs). This announcement was made by the CBN Governor, Olayemi Cardoso, during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria in Lagos on Friday.
Recently, many Nigerians have faced difficulties withdrawing money from ATMs and bank counters. Governor Cardoso acknowledged this problem, saying, “We know how the lack of cash at ATMs affects ordinary Nigerians.”
To tackle the issue, the CBN is now carrying out surprise checks at banks to ensure they are providing enough cash. Banks that fail to meet expectations will face penalties starting December 1, 2024.
The CBN has also set up a system for customers to report any problems with withdrawing cash. People can contact the CBN directly through phone numbers or email addresses provided for each state.
This move is aimed at ensuring better cash flow and reducing the inconvenience faced by customers.
