Bank Penalties Loom as Cardoso Tackles ATM Cash Issues
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has issued a stern warning to banks amid growing concerns over ATM cash scarcity across the country.
Speaking on the matter, Cardoso stated that the CBN would impose severe penalties on banks failing to ensure adequate cash availability at Automated Teller Machines (ATMs).
He emphasized the importance of banks fulfilling their obligations to customers, especially during the festive season when cash demand typically increases.
Cardoso revealed that the CBN had taken note of complaints from the public and had directed its monitoring teams to assess compliance levels at various banks.
“We will not tolerate any form of negligence or deliberate actions that inconvenience Nigerians. Any bank found culpable will face strict sanctions,” he stated.
The CBN governor urged banks to improve their logistics and cash management systems to prevent disruptions, adding that the apex bank remains committed to ensuring smooth financial transactions nationwide.
This statement has been met with mixed reactions, with some applauding the governor’s decisive stance, while others remain skeptical about implementation and enforcement.