The Central Bank of Nigeria (CBN) has warned that it will deal decisively with banks that hoard cash during the Yuletide indicating that it has released enough cash into the circulation. It, thus, released phone numbers and emails to the general public to report banks that engage in the wrong action of hoarding cash away from customers through their ATMs and over-the-counter.
In the same vein, the Central Bank of Nigeria (CBN) directed all deposit money banks (DMBs) in the country to ensure they dispense cash to their customers while asking bank customers to report any erring bank. The lender of last resort , CBN noted that it would intensify its oversight role to sanction any bank found hoarding cash.
This important information was obtained by TheMediaGood Newspaper in a circular officially released by the apex bank through its circular posted on its verified X (Twitter) handle on Tuesday 3rd December 2024. For instance in Abakaliki, Ebonyi State, customers can report incidents of hoarding to the CBN branch in Ebonyi State by an email to abakaliki@cbn.gov.ng or via phone call to 08176657783.
The Governor of the Central Bank, Yemi Cardoso, had stated that enough banknotes had been supplied to all the banks according to their capacity, stating that there was no reason for cash crush ahead of the Yuletide season.
In the letter titled ‘Cash Availability Over the Counter in Deposit Money Banks and Automated Teller Machine’, the CBN said it was aimed at addressing efficient and optimal currency circulation in the economy.“
As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:
Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers over the counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below. This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.“
For DMB Branches and/or ATM locations not dispensing cash, members of the public affected are to provide the relevant details which shall include account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels: phone call: designated phone number(s) of the CBN branch in the state where the incident(s) occurred; email: or send an email of the incident to the designated email address for state in which the incident(s) occurred.“
Accordingly, find attached phone numbers and email addresses of the Central Bank Branches in each state of the Federation,” the letter that was jointly signed by the Ag. director, currency operations, Solaja, Mohammed Olayemi, and the Ag. director, branch operations, Isa-Olatinwo, Aisha, read in part.
The CBN added that the circular takes effect December 1, 2024.