The Central Bank of Nigeria (CBN) has directed banks to make sure cash is mostly given out through Automated Teller Machines (ATMs).
In a statement on Friday, Solaja Olayemi, the acting director of the currency operations department at the CBN, warned banks against giving naira notes to people selling the currency illegally.
He added that any bank caught doing this will face punishment.
Empty ATMs to face CBN crackdown
OBSERVERSTIMES recalled that the CBN Governor Yemi Cardoso, speaking after the Monetary Policy Committee (MPC) meeting in Abuja, September,2024 emphasised that all banks must make sure there’s always enough cash available for withdrawals.
To keep banks in check, the CBN has set up a monitoring system to ensure they comply with this directive. Any bank that doesn’t meet the requirements will be penalised.
The CBN intends to release an additional ₦1.4 trillion into circulation to increase cash availability at ATMs and bank branches. Cardoso said they’re working closely with the banks to ensure customers can easily withdraw money when needed, with no excuses for a lack of cash.