CBN directs banks to take measures to finish money shortage

The Central Bank of Nigeria (CBN) has directed Deposit Cash Banks (DMBs) to make sure environment friendly money disbursement to most people over-the-counter and thru Automated Teller Machines (ATMs).

The CBN directive is coming within the midst of complaints of acute shortage of money by financial institution clients throughout the nation.

Most banks have failed or refused to load their ATMs with money whereas they’re additionally rationing out funds over-the-counter.

Because of this, most Nigerians are actually counting on POS operators for his or her money wants.

In response, the POS operators have additionally jacked up their fee by between 50 and 100 per cent throughout the nation.

The POS operators claimed that they’ve needed to jack up their fee due to the excessive charges they’re additionally getting the money provides from varied sources, together with merchants and filling station operators.

Nevertheless, in a directive contained in an announcement collectively signed by CBN’s Appearing Director, Forex Operations, Muhammed Olayemi, and Appearing Director, Department Operations, Aisha Isa-Olatinwo on Wednesday, CBN directs banks to take measures to deal with the money shortage problem.

The apex financial institution additionally urged members of the general public who’re unable to acquire money, both over-the-counter or by means of ATMs to report such situations utilizing designated reporting channels and codecs.

“It will help the CBN in addressing points hindering the supply of money and additional enhance foreign money circulation.

“For DMB branches and ATM places not dishing out money, members of the general public affected are to offer the related particulars,” it mentioned .

It mentioned that the required particulars ought to embody account identify, identify of the DMB, quantity, time, and date of incident.

It urged aggrieved financial institution clients to make use of devoted cellphone numbers of the CBN branche within the state the place the incident occurred or by means of to designated e mail addresses.

(NAN)