The Central Bank of Nigeria (CBN) has informed Nigerians that every step has been taken to improve cash withdrawal at ATM from the month of December.
He asked bank customers to report difficulties experienced with withdrawing cash from bank branches or ATMs from December 1.
CBN governor, Olayemi Cardoso, said this on Friday during the 2024 annual bankers dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
Cardoso urged customers to make reports through the regulator’s designated phone numbers and email addresses.
“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states,” the CBN governor said.
“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.”
Cardoso further said the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
He said the focus is to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
The economist said the payment system vision initiative for 2025 will further enhance confidence in the nation’s payment system.
The CBN governor also assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.
Cardoso said trust is fundamental to fostering digital transactions, stressing the CBN will take every necessary step to preserve that trust in payment systems.
He also said delays often disproportionately affect vulnerable segments of the population, adding that apex bank would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
“In 2025, CBN would prioritise initiatives including implementing an open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox,” he added.
“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.”
Cardoso said Nigeria would exit the grey list on the Financial Action Task Force (FATF) by second quarter (Q2) of 2025, adding that enforcement plans against money laundering, cybercrime, fraud, corruption, among others are being put in place.
