By Uzair Adam
The Central Bank of Nigeria (CBN) has instructed all Deposit Money Banks (DMBs) across the country to ensure continuous cash disbursement to customers.
The Daily Reality reports that the bank urged members of the public to report banks that fail to comply.
In a circular issued to DMBs and the general public, and shared on the bank’s verified X (formerly Twitter) handle on Tuesday, the apex bank emphasized its commitment to enforcing compliance through intensified oversight and sanctions on erring banks.
The CBN Governor, Yemi Cardoso, assured that sufficient banknotes had been distributed to all banks based on their capacity, eliminating any reason for a cash shortage as the festive season approaches.
Titled ‘Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machines,’ the circular outlined guidelines for improving currency circulation in the economy.
“As part of ongoing efforts, the CBN directs DMBs to ensure efficient cash disbursement both over the counter and through ATMs. The bank will continue to monitor compliance closely,” the statement read.
The CBN also provided reporting channels for the public to lodge complaints about cash shortages.
Customers are required to submit details, including the name of the bank, location, amount, and date of the incident, through designated phone numbers or email addresses provided for each state.
The circular, jointly signed by Acting Director of Currency Operations Solaja Mohammed Olayemi and Acting Director of Branch Operations Isa-Olatinwo Aisha, took effect on December 1, 2024.