CBN to Bank Customers: Report Cash Withdrawal Issues from December 1

The Central Bank of Nigeria (CBN) urges bank customers to promptly report any challenges they face while withdrawing cash from bank branches or ATMs starting December 1, 2024. The announcement came from CBN Governor Olayemi Cardoso during the 2024 Annual Bankers Dinner, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday, November 29.

Cardoso highlighted that customers encountering difficulties should directly reach out to the CBN using designated phone numbers and email addresses specific to their states. He emphasized the importance of holding financial institutions accountable, warning that those found engaging in malpractices or deliberately hindering cash access would face severe penalties.

“From December 1, we encourage customers to report any withdrawal issues to the CBN immediately. We will not tolerate financial institutions undermining the system,” Cardoso stressed.

The CBN Governor reassured Nigerians that the apex bank is committed to maintaining a robust cash buffer to meet the country’s needs, especially during peak periods like the festive season. The goal is to ensure a smooth cash flow and to maintain the trust and stability of Nigeria’s financial system.

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Looking ahead, Cardoso outlined the central bank’s vision for a more seamless payment system, with plans to enhance digital transaction confidence by 2025. The CBN will tackle delays in financial transactions, which often impact the most vulnerable populations, with strict penalties for institutions failing to comply.

“By 2025, payment systems will be better, with reduced delays, and our initiatives will ensure a more reliable and trustworthy payment environment,” Cardoso assured. He highlighted key initiatives such as the implementation of an open banking framework, expansion of contactless payment systems, and the strengthening of agency banking regulations.

Further, Cardoso confirmed that Nigeria is on track to exit the Financial Action Task Force (FATF) grey list by the second quarter of 2025. The CBN is ramping up efforts to combat money laundering, cybercrime, fraud, and corruption, ensuring a safer and more secure financial ecosystem.

In his speech, Pius Olanrewaju, president of CIBN, noted that 2024 had been a pivotal year for the banking sector, with the Nigerian economy showing resilience amid global and local challenges. He pointed to the positive economic growth rates—from 2.98% in Q1 to 3.46% in Q3—and the banking industry’s ability to weather inflation and exchange rate fluctuations.

“The bank recapitalization efforts demonstrate that we are not only strengthening the financial sector but also working toward achieving a $1 trillion economy by 2030,” Olanrewaju said.

Ibrahim Stevens, Governor of the Central Bank of Sierra Leone, also commended the CBN and CIBN for their contributions to both the African and global financial systems. Stevens called for further collaboration in building a stronger and more sustainable financial ecosystem across the continent.