It instructed banks to ensure efficient cash disbursement over-the-counter (OTC) and via ATMs.
The Central Bank of Nigeria (CBN) has issued a directive to Deposit Money Banks (DMBs) to improve cash availability across branches and Automated Teller Machines (ATMs).
In a circular dated 29 November, jointly signed by Solaja Olayemi, acting director of currency operations, and Isa-Olatinwo Aisha, acting director of branch operations, the CBN outlined measures to tackle the ongoing currency distribution crisis that has left citizens struggling to access cash.
The apex bank instructed banks to ensure efficient cash disbursement over-the-counter (OTC) and via ATMs.
The bank also emphasised its commitment to intensifying oversight to enforce compliance.
"DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
"Members of the public who are unable to obtain cash over the counter or through ATMs at DMBs are encouraged to report these instances using the designated reporting channels and format provided below. This will assist the CBN in addressing issues hindering the availability of cash and further improving currency circulation.
"For DMB Branches and/or ATM locations not dispensing cash, members of the public affected are to provide the relevant details which shall include account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels: phone Call: Designated phone number(s) of the CBN Branch in the state where the incident(s) occurred. Email: or send an email of the incident to the designated email address for the state in which the incident(s) occurred," it said.
This move comes amidst growing complaints from Nigerians over cash shortages, with many struggling to access funds.
According to the CBN's Money and Credit Statistics, there is a 3.8 per cent increase in cash outside banks between August and September 2024.
But Nigerians are reporting severe cash shortages, pointing to inefficiencies and alleged malpractices within the banking system as key contributors to the crisis.
A retiree and customer of United Bank for Africa (UBA), who identified simply as Louisa, shared her ordeal with this newspaper.
"Last week, I queued for hours at the bank and was informed I could only withdraw N20,000. When I returned the following day, the limit had been reduced to N10,000. I had no choice but to seek the teller head who tried to help me. I requested N200,000 to avoid returning before the festive period, but I was allowed only N150,000 after much pleading," she recounted.
PoS Operators
The situation is equally dire for Point-of-Sale (POS) operators, who rely on cash to keep their businesses running. Blessing Ogo, a POS operator in the Sabon Lugbe axis of Abuja, lamented the difficulty she encountered while trying to withdraw funds from banks.
"We are often forced to bribe bank officials to get cash, and even then, the amounts are insufficient," she said.
Ms Ogo explained that rising costs have driven up charges for withdrawals.
"A withdrawal of N20,000, which used to attract a fee of N300, now costs between N500 and N600. Customers blame us, but the banks are the real problem."
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Many POS operators in Abuja have closed temporarily, citing the unavailability of cash to meet customer demand.
Allegations of cash hoarding by bank officials have further inflamed public frustration. Some operators claim that bankers prioritise relatives or business associates who operate POS services, leaving others with limited access.
"There is enough cash in circulation," Ogo alleged. "But bankers are hoarding it for their benefit. If the CBN is serious about addressing this crisis, it must investigate these practices."
With the festive season approaching, it remains unclear whether the CBN's measures will improve the situation.
As part of measures to address concerns, the CBN directive, which takes effect from 1 December, also provided dedicated phone lines and email addresses to assist customers in reporting challenges and ensuring prompt resolution.
