We are in December and one of the things that happen in this month is the scarcity of cash. Most ATM in banks have become monuments to remind you that there was a time you could get cash from those machines. There is often no cash in ATM.

Things have become so since the Central Bank of Nigeria (CBN) moved the cashless policy to another height in the end of 2022 and early 2023.

Now, on December 1, 2024, the Central Bank of Nigeria (CBN) directed banks to ensure cash availability at counters and ATMs, tackling the nation’s cash flow issues head-on.

It is coming as part of new measures to tackle persistent cash shortages.

Specifically, it directed Deposit Money Banks (DMBs) to prioritise cash disbursement at counters and through Automated Teller Machines (ATMs).

This move aims to enhance currency circulation nationwide.

In a circular entitled; “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs)”, acting directors Mohammed J. Solaja and Aisha Isa Olatinwo outlined the guidelines.

Monitoring banks Closely

Furthermore, the CBN pledged to monitor banks closely to ensure strict compliance with the directive.

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Additionally, the apex bank urged the public to report instances where cash was unavailable at bank branches or ATMs.

To facilitate this, it asked customers to provide specific details, including the bank name, account information, the amount involved, and the date and time of the incident.

Moreover, the CBN shared contact details for its branches across all states, allowing complaints to be submitted via phone or email.

Ultimately, by addressing these issues, the CBN aims to improve access to cash and streamline currency circulation.

It called on both banks and customers to cooperate, reaffirming its commitment to ensuring Nigerians can access their funds with ease.