Tag: ATMs

CBN fines 9 banks ₦150m each for ATM cash scarcity

Aminu Imam
CBN fines

The Central Bank of Nigeria, (CBN), has sanctioned nine Deposit Money Banks (DMBs) with fines totalling ₦1.35bn for failing to ensure cash availability via Automated Teller Machines, (ATMs) during the festive season. According to a press statement issued by the Acting Director of Corporate Communications of the Bank, Mrs. Hakama Sidi Ali, each of the banks was fined ₦150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc; Keystone Bank Plc; Union Bank Plc; Globus Bank…

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Report banks with empty ATMs directly to CBN as from Dec. 1 – CBN tells Nigerians

Aminu Imam
CBN on banks ATMs

The Central Bank of Nigeria (CBN) has said that with effect from December 1, 2024, bank customers who are unable to make withdrawals from Automated Teller Machines (ATMs) will be able to report directly to it through designated phone lines and emails for their States. The apex bank governor, Olayemi Cardoso, stated this in his address at the Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday. He said: Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash…

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Cash scarcity: CBN threatens to sanction banks with empty ATMs, selling new notes

Aminu Imam
CBN threatens banks

The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through Automated Teller Machines (ATMs) and desist from selling new naira notes to hawkers, while threatening to sanction non-compliant banks. The apex bank gave the directive in a circular to banks on Friday, titled: Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs). Ahead of the Yuletide seasons customers of Nigerian banks are currently experiencing cash scarcity in the banking halls and are forced to patronise roadside Point of Sales (PoS) operators,…

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Banks limit ATM withdrawals, as Naira scarcity worsens

Aminu Imam

Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa States and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks Automated Teller Machines (ATM) galleries, raising fears of scarcity as experienced during the naira swap. The development has also affected business transactions in local markets, especially in the northern part of Nigeria where buyers and sellers prefer to deal in cash instead of bank transfers, as some traders in the northern part of Nigeria and the South-West continue to lament…

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Chaos, as cash shortage forces Nigerians to wait for hours at ATMs

Aminu Imam

Nigeria is staring at chaos as Automated Teller Machines, (ATMs) across the country run out of new notes, days before a deadline that will render the high-value currency illegal. According to a fresh report by Bloomberg, hundreds of people were stranded at a popular electronics market in the heart of Lagos, Nigerias biggest city, Thursday night victims of the chaotic rollout of a policy to redesign the naira. Residents are allowed to withdraw a maximum of 20,000 naira ($43) but many ATMs werent dispensing any cash. The cash shortage…

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