The Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) to prioritise efficient cash disbursement to customers both at bank counters and through Automated Teller Machines (ATMs).
The directive, effective from December 1, 2024, underscores the apex bank’s commitment to alleviating cash shortages and enhancing currency circulation nationwide.
In a circular titled “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs)”, the CBN outlined its strategy to address cash accessibility issues. The document was jointly signed by Mohammed J. Solaja, Acting Director of Currency Operations, and Aisha Isa Olatinwo, Acting Director of Branch Operations.
The CBN reaffirmed its intent to intensify oversight of DMB activities to ensure strict compliance with the directive. It also encouraged members of the public to report instances where cash is unavailable at bank branches or ATMs.
To lodge complaints, customers are required to provide key details, including the bank’s name, account information, the disputed amount, and the date and time of the incident. Reports can be submitted via phone calls or emails to the CBN branch in the affected state. Contact details for all CBN branches were included in the circular.
This initiative aims to enhance currency availability and resolve challenges customers face in accessing funds.
The CBN stressed its commitment to ensuring smooth currency circulation and called for cooperation from banks and the public to achieve these objectives.
 has mandated Deposit Money Banks (DMBs) to prioritise efficient cash disbursement to customers both at...){kind=link}