CBN Mandates Banks to Ensure Cash Availability in ATMs

 The Central Bank of Nigeria (CBN) has issued a directive to all commercial banks in the country, mandating them to ensure the consistent availability of cash in their Automated Teller Machines (ATMs).

 This directive is aimed at addressing the persistent cash shortages that have plagued many ATMs across the country, causing inconvenience and frustration for bank customers. The CBN has expressed concern about the negative impact of these cash shortages on individuals and businesses.

The CBN has instructed banks to regularly replenish their ATMs with sufficient cash to meet customer demand. They have also been directed to ensure that their ATMs are functioning optimally and that any technical issues are promptly resolved. 

 The CBN is monitoring the situation closely and has warned banks that they will face sanctions for non-compliance. This move by the CBN is intended to improve access to cash for Nigerians and alleviate the hardship caused by frequent ATM cashouts. It also underscores the central bank’s commitment to ensuring the smooth functioning of the payment system and promoting financial inclusion.