CBN Names Those Behind Cash Scarcity, Imposes N150m Fine On Banks

• The CBN has identified individuals responsible for the ongoing cash scarcity at banks and ATMs
• The apex bank has, therefore, announced a fine of N150 million per branch for Deposit Money Banks found guilty
• Nigerians are urged to report cases of cash unavailability using the CBN's released phone numbers and email contacts

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The Central Bank of Nigeria (CBN) has identified preferential treatment of VIP customers by commercial banks as a key reason for the ongoing cash scarcity affecting millions of Nigerians.

A CBN source quoted by the Nation said there is a widespread preferential treatment for VIP customers, with cash hoarded for their use, while regular customers face difficulty accessing funds across the counters and at automated teller machines (ATMs).

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CBN unhappy with cash scarcity

To check this practice, the CBN has imposed strict penalties on banks that engage in these unethical practices.

In a circular addressed to banks, signed by Mohammed Olayemi, the Acting Director of the Currency Operations Department, CBN said it would fine N150 million for any bank branch found guilty of channelling freshly minted naira notes to currency hawkers or unscrupulous agents.

The apex bank also directed banks to ensure equitable cash disbursement over-the-counter (OTC) and through ATMs.

The CBN warned that strict penalties would also be imposed on banks found collaborating with point-of-sale (PoS) operators to limit cash flow to regular customers.

CBN wants Nigerians to report banks

Earlier, Legit.ng reported that the apex bank has asked Nigerians who experience difficulty accessing cash at banking halls or ATMs to report.

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The CBN requested specific details when filing complaints, which included branches or ATMs, including the account name, the name of the bank, the amount involved, and the time and date of the incident.

Complaints can be submitted through the phone numbers or email addresses of CBN branches in the respective states, as listed on the CBN website.

Source: Legit.ng