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Cash Scarcity: Nigerians Can Now Report Empty ATMs, Banks To CBN – See How

Published

11 hours ago

Dec 4, 2024.

In a bid to ensure seamless access to cash through Over-the-Counter (OTC) transactions and Automated Teller Machines (ATMs), the Central Bank of Nigeria (CBN) has released a nationwide directory for reporting instances of cash unavailability.

The directive, effective from December 1, 2024, aims to improve currency circulation and address challenges affecting cash availability.

EDITOR’S PICKS

EKO HOT BLOG reports that a circular titled “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs),” dated November 29, 2024, was jointly signed by Solaja Olayemi, the acting Director of Currency Operations, and Isa-Olatinwo Aisha, the acting Director of Branch Operations. It outlines the CBN’s ongoing efforts to ensure efficient cash distribution.

The circular emphasized that Deposit Money Banks must comply with efficient disbursement directives, both OTC and via ATMs, as the CBN intensifies oversight to enforce compliance.

Members of the public experiencing difficulties accessing cash are encouraged to report such incidents.

Reporting Channels

The apex bank provided clear instructions for reporting:

Phone Call: Contact the CBN branch in the state where the issue occurred via the designated phone numbers.
Email: Send an email detailing the incident, including the DMB’s name, the amount involved, and the time and date of the occurrence, to the branch’s official email address.

The CBN assured that these measures would help identify and resolve issues impeding cash distribution while improving the overall circulation of currency.

The directory containing contact details of CBN branches across Nigeria’s 36 states is available for public use to facilitate swift reporting and resolution.

For further inquiries, members of the public can refer to the CBN’s official communication channels or consult the detailed guidelines provided by the apex bank.