The Central Bank of Nigeria (CBN) has issued a directive mandating Deposit Money Banks (DMBs) to prioritise efficient cash disbursement to customers both over the counter and through Automated Teller Machines (ATMs). This directive, which took effect on December 1, 2024, is part of the apex bank’s ongoing efforts to improve currency circulation and resolve cash shortages nationwide.

In a circular titled “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs)”, the CBN underscored its commitment to ensuring public access to cash. The document was jointly signed by Mohammed J. Solaja, Acting Director of Currency Operations, and Aisha Isa Olatinwo, Acting Director of Branch Operations, and was addressed to both banks and the general public.

The directive outlines mechanisms to enhance cash availability and mandates strict compliance by DMBs. The CBN emphasised that it will intensify oversight of banking operations to ensure adherence to the guidelines.

To further address customer concerns, the apex bank urged the public to report cases of cash non-dispensation at bank branches or ATMs. Affected individuals are required to provide specific details, including:

• Name of the bank.

• Account information.

• Amount involved.

• Date and time of the incident.

Reports can be submitted via phone calls or emails to the relevant CBN branch in the state where the issue occurred. Contact information for all CBN branches across Nigeria was included in the circular to facilitate reporting.

The CBN reaffirmed its resolve to collaborate with banks and customers to ensure the smooth circulation of currency in the economy. “We are committed to addressing the challenges faced by customers in accessing their funds and improving the availability of cash in the system,” the statement read.

The initiative is expected to alleviate the difficulties customers have encountered in accessing cash, particularly during periods of high demand, such as the festive season.

The public is encouraged to actively participate in the monitoring process by promptly reporting incidents to help improve the banking system’s efficiency and responsiveness.

This directive marks another step in the CBN’s broader agenda to enhance financial inclusion, strengthen confidence in the banking system, and ensure a seamless currency flow across the nation.