The Central Bank of Nigeria (CBN) has issued a strong directive to all banks, demanding they provide cash to customers and warning of potential sanctions for non-compliance.
In a recent circular, the bank emphasized its commitment to ensuring smooth cash distribution across the country. CBN Governor Yemi Cardoso stated that sufficient banknotes have been supplied to banks, and there should be no cash shortage during the upcoming holiday season.
The directive specifically requires banks to dispense cash to customers both over-the-counter and through ATMs, ensure efficient currency circulation, and comply with strict oversight measures.
The CBN is also empowering citizens to help enforce these rules. Customers who experience difficulty withdrawing cash are encouraged to report problems using specific channels.
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When reporting an issue, individuals should provide comprehensive details including their account name, the bank’s name, the amount they attempted to withdraw, and the precise date and time of the incident.
Customers can report problems through phone calls to the designated CBN branch in their state or by sending emails to specific state-level CBN email addresses.
The apex bank has attached contact information for its branches in each state, stating that the new guidelines take effect on December 1, 2024.
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