The Central Bank of Nigeria (CBN) has urged bank customers to report any difficulties in withdrawing cash from bank branches or Automated Teller Machines (ATMs) starting December 1, 2024.
This announcement was made by CBN Governor Olayemi Cardoso during the 2024 Annual Bankers’ Dinner in Lagos, organized by the Chartered Institute of Bankers of Nigeria (CIBN).
In his address, Governor Cardoso urged Nigerians facing challenges with cash withdrawals to directly contact the CBN through designated phone numbers and email addresses for their respective states. He stressed that the central bank would distribute clear guidelines to ensure customers are fully informed on how to report issues.
“Effective December 1, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs to the CBN. Financial institutions found engaging in malpractices or deliberately hindering access to cash will face strict penalties,” said Cardoso.
The CBN’s decision follows ongoing concerns about cash shortages at ATMs, which have disproportionately impacted ordinary Nigerians. To address this, the central bank plans to conduct spot checks across Deposit Money Banks (DMBs) and will impose penalties on institutions found underperforming in service delivery.
Cardoso reassured Nigerians that the CBN is committed to maintaining a sufficient cash buffer to meet the country’s demands, particularly during high-traffic periods like the festive season. He emphasized that the ultimate goal is to ensure seamless cash flow for Nigerians and restore confidence in the financial system.
In addition to tackling cash withdrawal issues, Cardoso outlined several initiatives to enhance the nation’s digital payment systems. He called on all stakeholders, including mobile money operators and Point of Sale (POS) agents, to fully comply with regulatory requirements to improve service delivery. The CBN will also prioritize initiatives to reduce payment delays, enhance contactless payments, and develop an open banking framework in 2025.
The CBN Governor also highlighted the central bank’s commitment to strengthening Nigeria’s financial integrity, announcing that the country is set to exit the Financial Action Task Force’s (FATF) grey list by the second quarter of 2025. He noted that efforts to combat financial crimes like money laundering, fraud, and cybercrime will remain a top priority.
In his remarks, Prof. Pius Olanrewaju, President of the CIBN, noted that 2024 has been a significant year for both the banking sector and Nigeria’s economy. He pointed to continued economic resilience, with GDP growth rising from 2.98% in Q1 to 3.46% in Q3 of 2024, despite challenges such as inflation and exchange rate fluctuations. He also highlighted the banking sector’s progress, including the ongoing recapitalization exercise aimed at building a more robust financial system.
Dr. Ibrahim Stevens, Governor of the Central Bank of Sierra Leone, also praised Nigeria’s banking reforms, commending the CBN’s efforts in fostering financial stability both regionally and globally. He called for greater collaboration in strengthening financial systems across Africa.
As Nigeria prepares for a bustling end-of-year period, the CBN’s renewed focus on ensuring smooth cash withdrawals and improved digital transaction channels reflects its broader strategy to enhance the financial experience for Nigerians and support a stable, resilient economy.
