The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to prioritize cash disbursement to customers through both over-the-counter services and ATMs. The directive, effective December 1, 2024, aims to address currency shortages and enhance cash availability nationwide. In a circular jointly signed by acting directors Mohammed J. Solaja and Aisha Isa Olatinwo, the CBN stressed its commitment to closely monitor compliance and maintain effective oversight of banking operations.
To enforce the directive, the CBN urged the public to report instances of non-dispensation of cash. Customers can file complaints via designated phone lines and email addresses provided by the apex bank, including details such as the bank’s name, the amount involved, and the transaction time. These measures are expected to enhance accountability and streamline cash accessibility in all states of the federation.
The CBN reaffirmed its dedication to ensuring a smooth currency circulation process and fostering collaboration among banks and customers. By addressing cash distribution challenges, the apex bank seeks to stabilize the economy and build public trust in the banking system.