CBN Takes Action on Cash Scarcity Issues
The CBN has introduced new measures to address cash shortages at ATMs and bank branches across Nigeria. A circular dated November 29, 2024, encourages the public to report cash unavailability at banks and ATMs. The initiative aims to enhance currency circulation and resolve access issues in urban and rural areas. This directive is part of the CBN’s efforts to ensure efficient cash distribution across the country.
Reporting Cash Shortages: The Process
Nigerians facing issues with cash access Over-the-Counter or via ATMs should report these problems to the CBN. The CBN has provided a dedicated phone number and email for each state branch to facilitate reporting. Affected individuals should include their account name, DMB name, transaction details, and the time and date of the incident. These steps will help the CBN resolve issues promptly and efficiently.
Steps for Reporting to CBN
To file a report, members of the public can either make a phone call to the CBN branch in the relevant state or send an email with the required information. The CBN has made these communication channels readily accessible to ensure that the public can easily report cash shortages. This initiative reflects the CBN’s commitment to improving financial services and ensuring that cash availability is not hindered by operational challenges within banks.
The Role of Deposit Money Banks (DMBs)
The CBN has also issued a directive to all Deposit Money Banks (DMBs) to ensure efficient cash disbursement both Over-the-Counter and through ATMs. With this directive, the CBN aims to hold banks accountable for ensuring adequate cash supply to their customers. The bank has pledged to intensify oversight and compliance checks, ensuring that DMBs adhere to the guidelines for efficient cash circulation.
CBN’s Efforts to Improve Currency Circulation
The CBN’s new reporting system improves currency circulation in Nigeria. It addresses factors hindering cash availability and banking experience. These measures aim to resolve cash scarcity and build trust. The central bank seeks to enhance citizens’ confidence in the banking system.
A Call for Public Cooperation
The CBN encourages Nigerians to report cash shortages promptly to improve availability and address financial system challenges. This collaboration helps identify issues affecting cash flow across the country. The CBN aims to ensure reliable access to cash for all Nigerians. By working together, the financial system can remain efficient and responsive to public needs.
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