CBN to sanction banks that fail to dispense cash via ATMs

The CBN has announced plans to penalise banks that do not dispense cash through their Automated Teller Machines (ATMs), as part of its efforts to maintain adequate cash circulation.

The apex bank’s Governor, Yemi Cardoso, stated this during a press briefing at the end of the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

Cardoso emphasised that all deposit money banks must ensure availability of enough cash for withdrawals at all times.

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He disclosed that the apex bank has set up a monitoring system to ensure compliance, stressing that any bank not adhering to this directive will face penalties. Cardoso reiterated that the CBN’s monitoring and spot-checking system would keep track of banks’ compliance, and those failing to meet the requirement would be sanctioned.

“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.