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The Central Bank of Nigeria (CBN) will penalize banks that fail to dispense cash via ATMs, aiming to ensure sufficient cash availability. CBN Governor Yemi Cardoso announced a monitoring system for compliance and plans to release an additional N1.4 trillion into circulation over the next three months.

The Central Bank of Nigeria (CBN) has announced plans to penalize banks that fail to dispense cash through their Automated Teller Machines (ATMs). This initiative aims to improve cash availability and circulation throughout the banking system.

During a press conference following the 297th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Yemi Cardoso emphasized that all deposit money banks must ensure ATMs are stocked with sufficient cash for withdrawals at all times.

The CBN has implemented a monitoring system to track compliance, with Cardoso warning that non-compliant banks will face sanctions. This system will conduct spot checks on banks to ensure they are adhering to the directive. “If the banks do not comply, sanctions will follow,” he stated, underscoring the CBN's resolve to ensure proper cash distribution across Nigeria.

In addition to these measures, Cardoso disclosed that the CBN plans to release an extra N1.4 trillion into circulation over the next three months. This is expected to alleviate the cash shortages many customers have encountered in recent months, making more funds available not only in ATMs but across banking branches nationwide.

These efforts are part of the broader plan by the CBN to ensure smooth cash flow within the economy and address the growing frustration faced by the public due to insufficient cash availability at bank ATMs.