Cash Scarcity : CBN Reveals Those Behind Cash Scarcity, Imposes N150m Fine

Naijaonpoint Media reports that the Central Bank of Nigeria (CBN) has revealed that preferential treatment of VIP customers by commercial banks is a major factor contributing to the ongoing cash scarcity across the country. The apex bank has taken steps to curb these unethical practices, imposing fines and urging Nigerians to report non-compliance.

In a circular signed by Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department, the apex bank announced that any bank branch found guilty of diverting new naira notes to currency hawkers or agents will face a fine of N150 million per branch.

The CBN emphasized that banks must ensure fair cash disbursement both over-the-counter (OTC) and through ATMs, warning against collaboration with point-of-sale (PoS) operators to restrict cash flow to regular customers.

Reporting Cash Scarcity

To address the issue, the Central Bank of Nigeria has encouraged Nigerians to report cases of cash unavailability. Complaints should include:

• Bank branch or ATM location
• Account name and bank name
• Amount involved
• Time and date of the incident

Reports can be submitted through the phone numbers or email contacts listed on the CBN’s website.

The CBN’s move highlights its commitment to ensuring equitable access to cash and holding banks accountable for unethical practices.