Dailyreport
CBN Steps Up to Address ATM Cash Crunch with Bold New Measures
Fed up with empty ATMs and long queues? The Central Bank of Nigeria (CBN) has heard your frustrations and is rolling out new measures to tackle the persistent cash shortages affecting ATMs across the country.
In a recent announcement, the CBN pledged to ensure that Nigerians have easier access to cash, particularly as the festive season approaches—a time when demand typically skyrockets. The bank’s action plan includes increasing cash allocations to banks and stepping up the monitoring of ATM operations to ensure funds are consistently available.
“Access to cash is a basic necessity, and we’re committed to resolving these shortages swiftly,” a CBN spokesperson said.
One key move involves stricter penalties for banks found hoarding cash or neglecting their ATM refill duties. The CBN also plans to work closely with financial institutions to address logistical bottlenecks that have contributed to the problem.
In addition, the central bank has called on banks to maintain better communication with customers. Regular updates on ATM availability and cash limits are expected to reduce frustration and improve transparency.
These measures come in response to growing public outcry over the inconvenience caused by empty ATMs, particularly in rural areas where cashless payment options are limited. The CBN is confident that its intervention will help stabilize cash supply, bringing much-needed relief to individuals and businesses alike.
For now, Nigerians are watching to see if these promises will translate into real change. One thing is certain: the pressure is on for the banking sector to deliver.
Would you like updates on how these measures unfold?
