The Central Bank of Nigeria (CBN) has threatened to wield the big stick against culprits in the financial sector over the ongoing cash scarcity at Automated Teller Machines (ATMs) across the country.

The apex bank Governor, Olayemi Cardoso, made the announcement at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria on Friday, November 29, 2024.

Cardoso made this known while addressing the recent reports of cash shortages at banks, both at ATM points and over the counter.

Some Nigerians have blamed the worrying development on the steady increase in the number of Point of Sale (PoS) operators.

The CBN Governor said checks are ongoing across deposit money banks to buck the trend, warning that adequate penalties will be imposed on those found wanting.

Ha said, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

“To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions. Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

“Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. I repeat financial institutions found engaging in malpractices or sabotage will face severe penalties.

“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”