CBN Sets December 1 Deadline to Address ATM Cash Delays

The Central Bank of Nigeria (CBN) has issued a December 1 ultimatum for banks to resolve cash withdrawal issues at ATMs and branches, urging customers to report any difficulties directly to the apex bank.

CBN Governor Olayemi Cardoso made the announcement at the 2024 Annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. He emphasized the bank’s commitment to ensuring seamless cash flow, particularly during the festive season.

“We recognize the challenges Nigerians face with ATM cash availability. Spot checks across Deposit Money Banks are underway, and penalties will apply to underperforming institutions,” Cardoso said.

The CBN will widely circulate designated phone numbers and email addresses for customers to report issues starting December 1. The governor assured the public that stringent penalties would be imposed on financial institutions found engaging in malpractices or deliberate sabotage.

Cardoso highlighted plans under the Payment System Vision 2025 initiative, which include:

Implementing an open banking framework

Advancing contactless payment systems

Expanding regulatory sandbox operations

Issuing revised guidelines for agency banking

He also announced Nigeria’s expected removal from the Financial Action Task Force (FATF) grey list by Q2 2025, accompanied by enforcement measures against money laundering and cybercrime.

CIBN President Prof. Pius Deji Olanrewaju commended the banking sector’s resilience amid economic pressures, noting steady GDP growth in 2024 and the sector’s role in Nigeria’s push toward a $1 trillion economy by 2030.

Dr. Ibrahim Stevens, Governor of Sierra Leone’s Central Bank, praised Nigeria’s financial ecosystem for its positive impact on Africa and called for increased collaboration.

The CBN reaffirmed its commitment to building trust in digital transactions, safeguarding consumer interests, and enhancing service delivery in Nigeria’s financial sector.