Breaking: CBN Issues Directives To Banks Amidst Cash Scarcity

The Central Bank of Nigeria (CBN) has instructed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that institutions failing to comply would face penalties.

In a statement issued on Friday, Solaja Olayemi, Acting Director of the Currency Operations Department at the CBN, emphasized the need to ensure easier access to cash for Nigerians amidst reports of scarcity.

The CBN also cautioned against supplying naira notes to individuals or groups involved in the illegal hawking of currency.

Naijaonpoint reports that the directive comes as citizens lament the scarcity of cash, which has disrupted transactions and heightened economic uncertainty.

More details later…