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Improve Cash Disbursement Amid Scarcity Complaints, CBN Orders Banks

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By Adenike Lawal

 

The Central Bank of Nigeria (CBN), has directed Deposit Money Banks (DMBs), to enhance cash disbursement processes at counters and Automated Teller Machines (ATMs), to address the ongoing cash shortage across the country.

This directive was detailed in a statement co-signed by Muhammed Olayemi, Acting Director of Currency Operations, and Aisha Isa-Olatinwo, Acting Director of Branch Operations.

The move follows widespread complaints from bank customers about the difficulty in accessing cash.

The CBN’s intervention is aimed at alleviating these challenges and ensuring smoother currency circulation nationwide.

The apex bank also urged affected customers to report issues with cash availability, whether at ATMs or bank branches, using designated complaint channels.

This initiative is intended to help the CBN identify and resolve bottlenecks hindering cash accessibility.

To facilitate investigations, customers are advised to provide detailed information, including their account name, the name of the bank involved, the amount they attempted to withdraw, and the time and date of the incident.

For swift resolution, complaints can be lodged through phone numbers specific to local CBN branches or via email addresses provided by the central bank.

The CBN reiterated its commitment to ensuring citizens have reliable access to cash and minimizing disruptions to economic activities caused by scarcity.

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