The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the apex bank will sanction any banks that fail to dispense cash through their Automated Teller Machines (ATMs).
He made this disclosure during the 297th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, as part of efforts to ensure sufficient cash circulation.
Cardoso emphasised that it is unacceptable for there to be insufficient cash for withdrawals, noting that banks are mandated to ensure cash availability. The CBN has also established a monitoring system to enforce compliance, with penalties for banks that do not adhere to the directive.
“We ourselves have devised a monitoring system, a spot-checking system, whereby we will go to the banks and just ensure that these things are done in the way and manner in which they are meant to be done.”
“And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realises that stakeholders play their part in ensuring that cash gets to the desired places they are intended to be,” he noted.
Despite Nigerians returning to the use of Point of Sale (PoS) machines for cash withdrawals, many have still experienced difficulties accessing cash at ATM locations.
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