CBN To Sanction Banks Which Fail To Dispense Cash Through ATM
He disclosed this as part of efforts to ensure sufficient cash in circulation.
The Central Bank of Nigeria (CBN) governor, Yemi Cardoso has revealed that the apex bank plans to sanction banks that fail to dispense through their automated teller machine (ATMs)
He disclosed this as part of efforts to ensure sufficient cash in circulation.
He stated this at the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
According to the governor, it would be unacceptable that there is not enough cash for withdrawals, stating that banks have the mandate to ensure cash sufficiency.
The CBN governor also said that the apex bank has set up a monitoring system to ensure compliance, and any bank not adhering to this directive will face penalties.
“We ourselves have devised a monitoring system, a spot-checking system, whereby we will go to the banks and just ensure that these things are done in the way and manner in which they are meant to be done.”
“And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realises that stakeholders play their part in ensuring that cash gets to the desired places they are intended to be,” he noted.
Although Nigerians have reverted to Point of Sale machines for cash withdrawals, there have been many instances of inability to access to cash at ATM points.
