CBN Directs Banks To Prioritise ATM Cash Disbursements.
The Central Bank of Nigeria (CBN) has issued a directive requiring commercial banks to prioritise cash disbursements through Automated Teller Machines (ATMs) to alleviate cash shortages experienced by citizens. This announcement, made by Solaja Olayemi, the Acting Director of the CBN’s Currency Operations Department, aims to ensure seamless access to cash for Nigerians.
Banks failing to comply with the directive face the risk of sanctions. The apex bank also cautioned against distributing naira notes to parties engaged in illegal currency hawking.
Amidst these measures, data from the CBN reveals that Nigeria’s currency circulation increased by N1.48 trillion in the past year, totalling N4.14 trillion as of August 2024, with N3.87 trillion of this circulating outside the banking system. To further address the crisis, the CBN plans to inject an additional N1.4 trillion into circulation over the next three months.
Major cities, including Bauchi, Kano, and satellite towns around Abuja, have been notably affected by the cash scarcity. Governor Yemi Cardoso reiterated the CBN’s commitment to stabilising cash flow and improving accessibility, emphasising the introduction of monitoring systems to enforce compliance among banks.
This directive comes at a crucial time when disruptions to cash availability are affecting daily transactions and the broader economy.