The Central Bank of Nigeria has issued a warning regarding the shortage of cash at Automated Teller Machines within the financial sector. This caution was disclosed by the CBN Governor during a Bankers’ Dinner event in Lagos. The Governor acknowledged the challenges faced by ordinary Nigerians due to cash unavailability at ATMs and banks, promising to penalize underperforming institutions.
Effective December 1, 2024, customers are advised to report any cash-related issues directly to the CBN. Guidelines will be disseminated widely to ensure public awareness and regulatory compliance by stakeholders to enhance digital transaction channels and service delivery. The CBN Governor emphasized strict penalties for financial institutions engaging in malpractices.
Furthermore, the CBN Governor revealed that nearly N1 trillion has been recovered from various development programs. The Governor previously announced the discontinuation of intervention programs and highlighted the significant investment made by the CBN in sectors like agriculture, aviation, and youth empowerment.
Looking ahead, the Governor projected increased diaspora and foreign investments, aiming for a monthly inflow of $1 million in diaspora remittances. The CIBN honored the CBN Governor and the Governor of Lagos State with a fellowship at the event, attended by dignitaries such as the Minister of Budget and Economic Planning of Nigeria and the Chairman of the Senate Committee On Banking.