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The Central Bank of Nigeria (CBN) has announced its decision to impose penalties on banks that fail to dispense cash through their Automated Teller Machines (ATMs), as part of ongoing efforts to improve cash flow across the country. This development was disclosed by CBN Governor, Yemi Cardoso, during a press briefing following the 297th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
Governor Cardoso emphasized that all deposit money banks are required to ensure a consistent supply of cash to meet customer demand. To ensure compliance, the CBN has put in place a monitoring system to track the performance of banks in providing cash through their ATMs. Banks that fall short of this obligation will face sanctions.
“We have developed a monitoring and spot-checking framework to visit banks and ensure they comply with this requirement. Any bank found to be in breach will be penalized,” Cardoso explained. He stressed the importance of collaboration between banks and the CBN to guarantee that cash reaches the population effectively.
In addition, Governor Cardoso announced that the CBN plans to inject an additional N1.4 trillion into the economy over the next three months. This cash infusion is designed to alleviate recent shortages and ensure that adequate cash is available across all bank branches and ATMs nationwide.
He stated, “We expect to release N1.4 trillion into circulation over the coming three months to support cash flow. From our perspective, we are doing everything possible to ensure there is enough cash. Banks have no excuse for not having sufficient cash available.”
The CBN governor also highlighted the critical role of banks in deploying cash effectively, insisting that their ATMs should function efficiently to meet customer needs. He added, “We are working closely with all deposit money banks to guarantee that they supply cash through their ATMs. Customers should never be in a position where they cannot access cash.”
These measures, including the planned cash injection and strict enforcement actions, form part of the CBN’s broader strategy to stabilize the nation’s cash flow and enhance public access to currency across the banking system.
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