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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs).
The CBN directive is coming in the midst of complaints of acute scarcity of cash by bank customers across the country.
Most banks have failed or refused to load their ATMs with cash while they are also rationing out payments over the counter.
As a result, most Nigerians are now relying on POS operators for their cash needs.
In response, the POS operators have also jacked up their commission by between 50 and 100 per cent across the country.
The POS operators claimed that they have had to jack up their commission because of the high rates they are also getting the cash supplies from various sources, including traders and filling station operators.
However, in a directive contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch Operations, Aisha Isa-Olatinwo on Wednesday, CBN directs banks to take measures to tackle the cash scarcity challenge.
The apex bank also urged members of the public who are unable to obtain cash, either over-the-counter or through ATMs to report such instances using designated reporting channels and formats.
“This will assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.
“For DMB branches and ATM locations not dispensing cash, members of the public affected are to provide the relevant details,” it said .
It said that the required details should include account name, name of the DMB, amount, time, and date of incident.
It urged aggrieved bank customers to use dedicated phone numbers of the CBN branche in the state where the incident occurred or through to designated email addresses.
(NAN)
