THE Central Bank of Nigeria (CBN) announced on Friday, November 29, that starting December 1, customers facing challenges withdrawing cash from bank branches or ATMs should report the issues directly to the apex bank.
The CBN Governor, Olayemi Cardoso stated this during the 2024 Annual Bankers’ Dinner in Lagos, organised by the Chartered Institute of Bankers of Nigeria (CIBN).
He encouraged customers to report such challenges, using the designated phone numbers and email addresses assigned to their states.
Cardoso, who was also awarded a fellowship by the CIBN, emphasised that the guidelines would be broadly distributed to enhance public awareness.
He urged all stakeholders, including mobile money operators and PoS agents, to ensure full regulatory compliance to enhance digital transaction channels and improve service quality.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians. To address this, we are conducting spot checks across deposit money banks (DMBs) and will impose penalties on underperforming institutions.
“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” Cardoso said.
The CBN governor noted that the apex bank would maintain a strong cash reserve to meet the country’s demands, especially during peak periods like the festive season and year-end.
He said the CBN was committed to ensuring smooth cash flow for Nigerians while reinforcing trust and stability in the financial system.
Highlighting the Payment System Vision 2025 initiative, he explained its goal to boost confidence in the nation’s payment infrastructure. He also assured that by 2025, payment gateways would be more efficient, with delays in transaction settlements significantly reduced.
He also revealed that Nigeria is expected to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025, while outlining enforcement measures to combat money laundering, cybercrime, fraud, and corruption, among other issues.
President and chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Pius Olanrewaju, a professor, noted that 2024 had been a significant year for both the banking sector and the economy. He pointed out that various policies and regulations implemented by the CBN and the Federal Government had started showing positive results.
He said the Nigerian economy had been resilient, citing its steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and 3.46 per cent in Q3 of 2024.
Similarly, he acknowledged the banking sector’s resilience despite macroeconomic challenges such as rising inflation and exchange rate fluctuations.
The Governor of the Central Bank of Sierra Leone, Ibrahim Stevens, a doctoral holder, commended the efforts of the CIBN and CBN, noting their positive impact in Africa and globally.
He called for collaboration to create a robust financial ecosystem on the continent.
Fatimah Quadri is a Journalist and a Fact-checker at The ICIR. She has written news articles, fact-checks, explainers, and media literacy in an effort to combat information disorder.
She can be reached at sunmibola_q on X or fquadri@icirnigeria.org