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CBN to Sanction Banks for Selling Minted Naira Notes to Money Changers While ATMs Run Dry

Published by Tope Fakinlede on November 16th, 2024.

CBN to Sanction Banks for Selling Minted Naira Notes to Money Changers While ATMs Run Dry

The Central Bank of Nigeria (CBN) has announced plans to impose sanctions on commercial banks found to be selling newly minted naira notes to money changers, while simultaneously failing to ensure adequate cash availability at Automated Teller Machines (ATMs) across the country. This move comes amid growing concerns over cash shortages, illegal currency trading, and the broader economic impact on Nigerians, many of whom continue to struggle with limited access to cash despite the CBN’s currency management reforms.

The Issue of Cash Shortages

Despite the introduction of new naira notes by the CBN, many Nigerians continue to face significant challenges in accessing cash from ATMs. Long queues and empty machines have become a familiar sight, especially in urban areas, causing frustration among citizens who rely on physical cash for day-to-day transactions. While the CBN has repeatedly assured the public that there is an adequate supply of currency in circulation, the continued shortages at ATMs suggest a deeper issue within the banking