Cash Crunch: Load Up Your ATMs or Face Sanctions – CBN Orders Banks

The Central Bank of Nigeria (CBN) has instructed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that institutions failing to comply would face penalties.

In a statement issued on Friday, November 15, 2024, CBN’s acting Director of Currency Operations, Solaja Olayemi emphasized the need to ensure easier access to cash for Nigerians amidst reports of scarcity.

The CBN also cautioned against supplying naira notes to individuals or groups involved in the illegal hawking of currency.

The directive comes as citizens lament the scarcity of cash, which has disrupted transactions and heightened economic uncertainty.

Major states which are reported to be battling the cash crunch include Bauchi, Borno, Kaduna, Kano, Kebbi, Taraba, as well as some satellite towns of the Federal Capital Territory (FCT).

The scarcity is coming amidst data from the Central Bank of Nigeria (CBN), revealing that the total currency in circulation has reached N4.14 trillion, with N3.87 trillion of this amount currently outside the banking system.

Also, the CBN data revealed that currency in circulation in Nigeria has added N1.48 trillion or 55.8 per cent Year-on-Year (YoY) to N4.14 trillion as of August 2024, from N2.66 trillion in August 2023.