By Jemimah Wellington, JKNewsMedia Reporter
THE CENTRAL Bank of Nigeria (CBN) has mandated commercial banks to prioritize cash disbursement through Automated Teller Machines (ATMs) to address cash shortages across the country.
The directive, outlined in a circular signed by Solaja Olayemi, Acting Director of Currency Operations, underscores the apex bank’s effort to improve cash accessibility and curb the abuse of naira notes.
This directive follows reports of cash scarcity in cities like Bauchi, Kano, and areas around Abuja, where citizens rely on Point of Sale (POS) operators due to empty ATMs.
Data from the CBN highlights a sharp increase in currency circulation, with N4.14 trillion recorded as of August 2024, of which N3.87 trillion is outside the banking system.
Banks are warned against hoarding, diversion, or supplying naira notes to illegal currency hawkers.
The bank informs that violators face penalties of up to 10% of the withdrawn cash value, escalating with repeat offenses.
The CBN plans to inject N1.4 trillion over three months to ease shortages and strengthen spot checks during the yuletide season to monitor compliance.
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