CBN Threatens Heavy Penalties for Banks Over ATM Cash Shortages and Sabotage
CBN Threatens Heavy Penalties for Banks Over ATM Cash Shortages and Sabotage

The Central Bank of Nigeria (CBN) has issued a stern warning to commercial banks, stating that any institution found engaging in actions that contribute to the ongoing cash scarcity at Automated Teller Machines (ATMs) will face severe penalties.
Olayemi Cardoso, the Governor of the CBN, made the announcement on Friday during the annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN). His comments came after Nigerians voiced concerns on social media, particularly on November 13, about the shortage of cash in ATMs, which forced many to rely on Point of Sale (POS) operators. In response, the CBN directed banks to prioritize the disbursement of cash through ATMs and warned that those caught selling naira notes to currency hawkers would face penalties.
Cardoso acknowledged the challenges faced by Nigerians due to the ongoing cash shortages at ATMs, emphasizing the impact on ordinary citizens. “We are aware of the difficulties caused by cash unavailability, and we are conducting spot checks across banks to monitor their performance,” he said. “Banks failing to meet expectations will be penalized.”
To address customer complaints more effectively, the CBN announced that from December 1, 2024, Nigerians can report difficulties with ATM withdrawals or branch cash shortages directly to the CBN using designated phone numbers and email addresses. Guidelines on how to file complaints will be shared widely.
Cardoso reiterated that financial institutions found to be engaging in sabotage or malpractice will face significant consequences. He also emphasized the CBN’s commitment to ensuring a sufficient cash supply, particularly during peak periods like the upcoming holiday season.
On a separate note, Cardoso discussed Nigeria’s foreign exchange (FX) policies, pointing out that the country has missed out on an estimated N6.2 trillion due to its rigid FX regime. He highlighted how these lost funds could have been used to boost critical sectors such as education, healthcare, and infrastructure.
Looking ahead, the CBN Governor stressed the importance of economic reforms to strengthen Nigeria’s resilience, focusing on increasing domestic refining capacity, boosting non-oil exports, and leveraging technological advancements in the financial sector.
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