By Hosea Parah, Abuja

The Central Bank of Nigeria (CBN) has announced new measures aimed at enhancing the availability of cash in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs) nationwide. The new directives, detailed in a recent circular addressed to DMBs and the public, are part of the CBN’s ongoing efforts to improve currency circulation and ensure efficient cash distribution across the country.

Effective December 1, 2024, all Deposit Money Banks are required to ensure seamless cash access for customers, both Over-the-Counter (OTC) and through ATMs. The CBN has also stated that it will increase its oversight to ensure full compliance with these instructions.

Additionally, the CBN has urged members of the public to report any difficulties in accessing cash, whether at bank counters or ATMs. Individuals who encounter issues are advised to provide key details, such as the bank name, account name, the amount, and the time and date of the incident. They are encouraged to report these issues via the designated phone numbers or email addresses of their nearest CBN branch.

The CBN’s initiative aims to address ongoing challenges in cash access and improve the overall efficiency of currency circulation in the country.

To assist the public, the CBN has provided specific contact information for its branches across Nigeria. The new guidelines are set to take effect from December 1, 2024, as part of the Bank’s efforts to streamline the cash distribution system, particularly ahead of the upcoming holiday season.

The implementation of these directives marks a significant step in ensuring Nigerians have consistent access to cash across the banking network.