𝐂𝐁𝐍 𝐓𝐡𝐫𝐞𝐚𝐭𝐞𝐧𝐬 𝐒𝐚𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐀𝐬 𝐂𝐚𝐬𝐡 𝐂𝐫𝐮𝐧𝐜𝐡 𝐁𝐢𝐭𝐞𝐬 𝐀𝐓𝐌 𝐔𝐬𝐞𝐫𝐬

The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions amidst rising public frustration over cash scarcity at Automated Teller Machines (ATMs). 

In a statement released on Thursday, the apex bank threatened to impose heavy sanctions on banks and other financial players failing to ensure the availability of cash at their ATMs.

The CBN's directive comes amid mounting complaints from Nigerians across the country, who have been unable to withdraw money for basic transactions.

 The cash shortage has led to long queues, frustration, and disruptions to daily activities.

“We are closely monitoring the situation, and we will not hesitate to penalize any financial institution contributing to this unacceptable inconvenience,” a CBN spokesperson stated.

 The regulator emphasized that the scarcity undermines the financial inclusion goals and disrupts economic activities.

Although the bank did not disclose specific punitive measures, experts suggest they could include substantial fines or operational restrictions for defaulting banks.

Market analysts attribute the shortage to logistical challenges in cash distribution and the persistent demand for cash in a society still heavily reliant on physical currency despite digital banking advancements.

Nigerians are urging the CBN to intensify efforts to restore normalcy and enforce compliance among financial institutions to alleviate the hardship.

 As the crisis deepens, stakeholders are calling for transparency and proactive measures to ensure a seamless banking experience nationwide.

Further updates are awaited as the CBN escalates its intervention in resolving the cash crunch.