Tag: Cash crunch

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,…

Read More

Cash shortage hits banks, customers rush for BVN/NIN revalidation

Aminu Imam

Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts. This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their accounts. The CBN said in its new directive that existing customers must, Ensure all operated accounts/wallets created through agents, are fully profiled in the NIBSS ICAD and tagged with valid and correct BVN…

Read More

Cash crunch hits MDAs over freezing of accounts

Aminu Imam

Civil servants across Ministries, Departments and Agencies (MDAs) have lamented the slow pace of activities and other schedules in the discharge of their responsibilities due to the non-availability of fund following the freezing order on their accounts by the Central Bank of Nigeria, (CBN). Senior government and low cadre officers told newsmen yesterday that the non-availability of funds was hampering the operation and expectation of the workers. Recall that the federal government had placed embargo on further payments to the MDAs of the federal government till further notice. Officials however…

Read More