The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to prioritize efficient cash disbursement to customers both over the counter and through Automated Teller Machines (ATMs). This directive comes in response to widespread complaints about cash scarcity, which has caused frustration among bank customers nationwide.
In a statement jointly signed by the Acting Director of Currency Operations, Muhammed Olayemi, and the Acting Director of Branch Operations, Aisha Isa-Olatinwo, the apex bank reaffirmed its commitment to addressing the challenges hindering cash circulation.
The CBN has called on members of the public who encounter difficulties obtaining cash, either at bank branches or ATMs, to report such incidents promptly. To ensure swift resolution, the bank emphasized the importance of providing detailed information, including the account holder’s name, the name of the bank, the amount involved, and the date and time of the incident.
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Affected individuals are advised to contact the nearest CBN branch using the dedicated phone numbers or email addresses available for their respective states. This measure, according to the statement, is aimed at identifying bottlenecks in cash circulation and ensuring that corrective actions are taken promptly.
The apex bank’s directive comes at a critical time when public confidence in the banking system is being tested. By mandating swift cash disbursement and establishing clear reporting mechanisms, the CBN hopes to alleviate the ongoing cash shortage and restore normalcy to financial transactions across the country.
