The Central Bank of Nigeria (CBN) has issued a stern warning to commercial banks over the persistent cash shortages at Automated Teller Machines (ATMs) nationwide.
In a statement released earlier today, the apex bank expressed its dissatisfaction with the inability of banks to ensure adequate cash availability, noting that the scarcity is causing unnecessary hardship for Nigerians.
The CBN has vowed to impose hefty fines on any financial institution found culpable of failing to meet the cash demand at ATMs.
“We will not tolerate excuses for cash shortages, especially when this disrupts the daily lives of citizens. Banks must ensure ATMs are consistently stocked or face strict penalties,” the statement read.
A Continued Challenge for Nigerians
Despite efforts by the CBN to improve cash flow following the naira redesign policy and economic adjustments, many Nigerians have reported prolonged cash shortages at ATMs. The situation has led to increased frustration among customers who rely heavily on cash for their daily transactions.
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The CBN’s latest directive aims to hold banks accountable while ensuring citizens have unrestricted access to their funds.
More details to follow as this story develops.
