The Central Bank of Nigeria (CBN) is set to penalize negligent financial firms for the ongoing cash shortage at Automated Teller Machines (ATMs).
CBN Governor Dr. Olayemi Cardoso made this known on Friday at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.
The declaration was made in response to reports of cash shortages in banks in recent days, both at ATMs and over the counter.
Cardoso stated,
He noted that in order to solve this, the bank is penalizing underperforming institutions and performing spot checks on deposit money banks.
The Punch reported that customers were also urged to contact the CBN directly using the phone numbers and email addresses provided for each state if they encountered any issues making cash withdrawals from bank branches or automated teller machines.
According to the CBN, it will keep up a strong cash offering to satisfy the needs of the nation, especially during times of high demand like the holidays and year-end.
TimesNow.com.ng reported that to alleviate shortages across the country, the Central Bank of Nigeria (CBN) has promised banks a consistent flow of cash.
This is as cash scarcity hits Nigerian banks as customers lament not being able to get enough cash from their various financial institutions.
A survey carried out by TimesNow.com.ng found that banks are beginning to ration cash to their customers, cutting down on requested amount to N10,000 and N20,000.
Source: TimesNow.com.ng
