The Central Bank of Nigeria (CBN) has directed all deposit money banks in the country to ensure they dispense cash to their customs while asking the customs to report any erring bank.
In a circular to all the money banks and the general public, the apex bank said it will intensify its oversight role to sanction any bank found hoarding cash. The circular was posted on its verified X handle on Tuesday.
The Governor of the Central Bank had stated that enough banknotes have been supplied to all the banks according to their capacity, stating that there was no reason for a cash crunch 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 is aimed at addressing 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 improve 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.
“Accordingly, find attached phone numbers and email addresses of the Central Bank Branches in each state of the Federation,” the letter that was signed by the Ag. director, currency operation, Solaja, Mohammed Olayemi and the Ag. director, branch operations, Isa-Olatinwo, Aisha read in part.
The CBN said the circular takes effect December 1 2024.
