CBN Urges Bank Customers To Report Bank Without Cash In ATM’s

The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs) in the country to ensure they dispense cash to their customers while asking bank customers to report any erring bank.

In a circular to all the deposit money banks and the general public, the apex bank said it will intensify its oversight role to sanction any bank found hoarding cash.

The circular was posted on its verified X handle on Tuesday.

Governor of the Central Bank, Yemi Cardoso, had stated that enough banknotes have been supplied to all the banks according to their capacity, stating that there was no reason for cash crush ahead of the Yuletide season.

In the letter titled ‘Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machine’, the CBN said it was aimed at addressing efficient and optimal currency circulation in the economy.

See Full Circular Below…

Central Bank of Nigeria

Currency Operations Department Plot 33, Abubakar Tafawa Balewa Way, Central Busness District

P.M.B. 0187, Garki, Abuja – Nigeria. Email: cod@cbn.gov.ng

Website: www.cbn.gov.ng

Phone: +234 70d-225-5226, +234 800-225-5226

COD/DIR/INT/CIR/001/023

To: DEPOSIT MONEY BANKS AND THE GENERAL PUBLIC

November 29, 2024

CASH AVAILABILITY OVER THE COUNTER IN DEPOSIT MONEY BANKS (DMBs) AND AUTOMATED TELLER MACHINES (ATMs)

Please refer to the various engagements and interventions from the Central Bank of Nigeria (CBN) on the above subject aimed at addressing efficient and optimal currency circulation in the economy.

As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:

1. Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cashdisbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure

2. General Public Reporting: Members of the public who are unable to obtaincash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided  This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.

For DMB Branches and/or ATMs locations not dispensing cash, members of the public affected are to provide the felevant details which shall include account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels:

1. Phone Call: Designated phone number(s) of the CBN Branch in the statewhere the incident(s) occurred.
2. Email:or send an email of the incident to the designated email address for state in which the incident(s) occurred.

Accordingly, find attached phone numbers and email addresses of the Central Bank Branches in each state of the Federation.

This circular takes effect December 1, 2024.

Solaja, Mohammed J. Olayemi Ag. Director, Currency Operations

Isa-Olatinwo, Aisha (PhD)

Ag. Director, Branch Operations