Last Updated on December 4, 2024 by Timileyin Awogbade
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The circular, which was jointly signed by Isa-Olatinwo Aisha, Acting Director of Branch Operations, and Solaja Olayemi, Acting Director of Currency Operations, emphasized the value of public involvement in tackling cash scarcity.
“The goal of deposit money banks (DMBs) is to make sure that customers can get their money quickly both through ATMs and over the counter (OTC),” the statement said.
“To enforce this directive and ensure compliance, the CBN will step up its oversight responsibilities.”
CBN Governor Olayemi Cardoso encouraged bank clients to report issues through the appropriate channels to help resolve cash withdrawal issues.
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CBN emphasized that those who are unable to withdraw cash should give pertinent information, including the name of the account, the bank’s name, the amount involved, and the incident’s time and date.
After that, the information should be shared by emailing the state’s approved mail address or by getting in touch with the CBN branch in the state where the problem happened.
Additionally, the apex bank reaffirmed its intention to punish banks that disregard its cash disbursement guidelines.
“This will help CBN tackle problems that are impeding cash availability and further enhance currency circulation,” the statement continued.
Following earlier warnings from the regulator, the development required banks to prioritize cash disbursement through ATMs or face penalties.
Timileyin Awogbade
Timileyin Awogbade is a journalist, seasoned copywriter, expert editor, and experienced content creator at Dailylight Channel with over 5 years of experience in writing, content strategy, and SEO.