The Central Bank of Nigeria (CBN) has introduced new measures to ensure efficient cash distribution to the public, aiming to address persistent complaints about difficulties in withdrawing cash over-the-counter (OTC) or from automated teller machines (ATMs).
In a proactive move to enhance accountability and customer satisfaction, the CBN, led by Governor Olayemi Cardoso, has established dedicated contact channels for reporting such challenges.
This announcement follows previous directives urging Deposit Money Banks (DMBs) to prioritize cash disbursement or face penalties.
The directive, outlined in a circular jointly signed by Solaja Olayemi, Acting Director of Currency Operations, and Isa-Olatinwo Aisha, Acting Director of Branch Operations, reiterates the CBN’s focus on ensuring optimal currency circulation in the economy.
“As part of these ongoing efforts, DMBs are directed to ensure efficient cash disbursement to customers over-the-counter and through ATMs,” the circular stated.
“The CBN will intensify its oversight roles to enforce this directive and ensure compliance.”
For the first time, the CBN is empowering bank customers with accessible channels to report instances where they encounter difficulties withdrawing cash.
Customers are encouraged to provide specific details of incidents, including the bank’s name, account details, transaction amount, date, and time, using the following reporting methods:
Phone Call: Customers can contact the designated phone number of the CBN branch in the state where the incident occurred.
Email: Reports can be sent to the designated email address corresponding to the state of occurrence.
The CBN believes this initiative will not only address immediate cash withdrawal issues but also provide valuable data to improve long-term currency management.
The CBN’s intensified oversight aligns with its earlier warning to banks about prioritizing cash disbursements.
Non-compliance could attract penalties as the apex bank pushes for a more customer-centric banking system.
This initiative also underscores the CBN’s role in fostering transparency and accountability in Nigeria’s financial system, ensuring that citizens can access their funds without unnecessary hurdles.
As customers begin to utilize these channels, the CBN’s ability to address systemic bottlenecks will be closely monitored.
This development could pave the way for a more efficient and inclusive banking experience, enhancing trust in Nigeria’s financial institutions.
The apex bank’s actions signal its commitment to resolving a recurring issue that affects millions, ensuring that Nigerians can rely on their banks for uninterrupted access to cash.