The Central Bank of Nigeria (CBN) has announced plans to sanction banks that fail to ensure their Automated Teller Machines (ATMs) are stocked with cash, in a bid to maintain adequate cash circulation. This was disclosed by CBN Governor, Yemi Cardoso, during a press briefing following the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Cardoso stressed that all deposit money banks must ensure sufficient cash availability for withdrawals at all times. The CBN has put in place a monitoring and spot-checking system to track compliance, with banks that fail to meet the requirements facing penalties.
Additionally, the CBN plans to inject N1.4 trillion into circulation over the next three months to improve cash availability, helping to resolve the cash shortages customers have faced recently.
