The Central Bank of Nigeria (CBN) has urged all customers to report any deposit money banks that fail to dispense cash to customers through the ATM(automated teller machines).
In a circular jointly signed by Solaja Olayemi, CBN acting director of currency operations, and Isa-Olatinwo Aisha, CBN acting director of branch operations, the apex bank said that it will not hesitate to sanction any bank found hoarding cash.
CBN governor has already said a lot of banknotes have been given to all the banks according to their capacity, saying there was no reason to hoard any cash ahead of the Yuletide season.
In the letter titled ‘cash availability over the counter in deposit money banks and automated teller machines’, the CBN said it plans to address efficient and optimal currency circulation in the economy.
“As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:
“Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
“General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below.
“This will assist CBN in addressing issues hindering the availability of cash and further improving currency circulation.
“For DMB Branches and/or ATMs locations not dispensing cash, members of the public affected are to provide the relevant details which shall include account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels: phone call: designated phone number(s) of the CBN branch in the state where the incident(s) occurred; email: or send an email of the incident to the designated email address for state in which the incident(s) occurred.”
Prior to the directive, the financial regulator had asked banks to prioritise cash disbursement through ATMs or face penalties.
