Central Bank of Nigeria (CBN) officials have begun conducting spot checks on bank branches across the country to ensure compliance with directives on cash distribution.
This move follows CBN Governor Olayemi Cardoso’s advice to bank customers to report any difficulties in withdrawing cash from bank branches or ATMs.
The CBN has instructed all Deposit Money Banks (DMBs) to release all available cash to customers to ease the cash crunch. Any bank found hoarding cash during the inspection will face penalties.
The apex bank has also encouraged customers to report any difficulties in withdrawing cash through designated phone numbers and email addresses for their respective states.
The cash crunch has persisted in several states, including Abia, Benue, and Katsina, where bank customers have been struggling to access cash.
In Abuja, bank branches have restricted withdrawal limits, with some ATMs dispensing as little as N10,000. Point of Sale (PoS) operators have capitalized on the crisis, increasing transaction charges exponentially.
However, the situation is better in some states, such as Kano, Enugu, and Kwara, where customers have been able to withdraw cash with relative ease. The CBN has refuted claims by bank officials that the apex bank is to blame for the cash scarcity, insisting that it has been fulfilling cash requests from commercial banks.
As the Christmas and New Year festivities approach, the CBN’s efforts to ease the cash crunch are crucial. Nigerians need access to cash for shopping and other expenses, and the apex bank’s measures to ensure compliance with cash distribution directives are a step in the right direction.
