The Central Bank of Nigeria (CBN) has ramped up efforts to ensure smooth cash circulation in the country by releasing designated contact channels for customers to report issues related to empty Automated Teller Machines (ATMs) or difficulties withdrawing cash over the counter (OTC) at banks.
In a circular issued on Tuesday, jointly signed by Solaja Olayemi, the acting director of currency operations, and Isa-Olatinwo Aisha, the acting director of branch operations, the CBN reiterated its commitment to addressing inefficiencies in cash distribution through stricter oversight and public participation.
The circular emphasized that Deposit Money Banks (DMBs) must prioritize cash availability and ensure effective disbursement through both OTC and ATMs. “The CBN will intensify its oversight roles to enforce this directive and ensure compliance,” the apex bank stated.
This move comes amid ongoing challenges in currency circulation that have caused frustration for customers nationwide.
The CBN aims to tackle these issues head-on by encouraging members of the public to report any shortcomings using newly established reporting channels.
To enhance public engagement, the CBN outlined a detailed reporting procedure for customers facing cash shortages. Affected individuals are encouraged to report incidents with specific details, including:
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The name of the bank or ATM involved.
Account name.
Amount involved.
Date and time of the incident.
Reports can be submitted via:
Phone Calls: Customers can call the CBN branch in the state where the incident occurred using designated phone numbers.
Email: Incidents can also be reported via email to the CBN’s state-specific addresses.
The bank noted that these channels aim to provide timely interventions and improve the availability of cash.
Tackling Currency Circulation Challenges
The CBN emphasized that this initiative builds on its previous engagements with stakeholders to address gaps in currency distribution. “These efforts are aimed at ensuring efficient and optimal currency circulation in the economy,” the circular noted.
Financial experts have lauded the CBN’s proactive measures but highlighted the need for further reforms.
Dr. Bode Oluwole, a banking analyst, stated, “The provision of direct communication channels for the public is a step in the right direction. It empowers customers to hold banks accountable and ensures that the central bank can monitor compliance more effectively.”
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Amaka Igwe, a financial inclusion expert, added, “The success of this initiative will depend on how promptly the CBN responds to reports and enforces penalties for non-compliance by banks.”
Experts also urged DMBs to streamline their internal processes to ensure ATMs are regularly loaded and OTC transactions run smoothly.
“Cash shortages often arise due to logistical inefficiencies or lack of enforcement. Banks need to address these issues internally to avoid penalties and maintain customer trust,” noted Johnson Ekene, a financial systems consultant.
The CBN’s strengthened oversight and public engagement framework reflect its commitment to resolving cash distribution challenges that have plagued the economy.
As implementation progresses, Nigerians are encouraged to utilize the reporting channels to drive accountability and efficiency in the financial system.
This initiative underscores the importance of collaboration between regulators, banks, and customers in fostering a more robust and accessible financial landscape.