CBN directs banks to make cash available to customers

…Releases designated numbers, email for public to report non-compliance

The Central Bank of Nigeria (CBN) has issued a directive mandating Deposit Money Banks (DMBs) to prioritise efficient cash disbursement to customers both over the counter and through Automated Teller Machines (ATMs).

The directive, which took effect on December 1, 2024, forms part of the apex bank’s continued efforts to enhance currency circulation and address cash shortages across the nation.

In a circular jointly signed by Mohammed J. Solaja, acting director of currency operations, and Aisha Isa Olatinwo, acting director of branch operations, the CBN emphasised its resolve to intensify oversight of DMB operations to ensure strict compliance with the directive.

The document, titled “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs)”, was addressed to banks and the general public, highlighting key guidelines and mechanisms for addressing cash accessibility issues.

The circular encouraged members of the public to report cases of non-dispensation of cash at bank branches or ATMs through designated channels. This initiative aims to improve currency availability and address challenges faced by customers in accessing their funds.

For effective reporting, affected individuals are required to provide specific details, including the name of the bank, account information, the amount in question, and the date and time of the incident, CBN said.

Reports can be submitted through phone calls or emails directed to the relevant CBN branch in the state where the issue occurred. Contact details for CBN branches across all states of the federation were also provided in the circular.

The CBN reiterated that it remains committed to ensuring the smooth circulation of currency in the economy and encouraged cooperation from both banks and customers to achieve this goal.