How Can You Report Cash Scarcity to the CBN?

Cash scarcity can be frustrating, especially when you need money urgently. To make sure everyone has access to cash at banks and ATMs, the Central Bank of Nigeria (CBN) has taken steps to help the public report any issues they face. 

This guide will explain everything you need to know about reporting cash scarcity to the CBN.

Why is the CBN interested in cash scarcity?

The CBN wants to ensure that cash flows smoothly across the country. Whether you’re withdrawing money over the counter (OTC) or using an Automated Teller Machine (ATM), the CBN expects Deposit Money Banks (DMBs) to provide cash efficiently. If they fail, the CBN needs to know so it can take action.

In a recent circular released on November 29, 2024, the CBN shared new guidelines to help address cash scarcity. This circular, effective from December 1, 2024, was signed by two acting directors of the CBN—Solaja Olayemi, who oversees Currency Operations, and Isa-Olatinwo Aisha, in charge of Branch Operations.

The circular emphasized two main points:

1. Banks Must Provide Cash: Banks must make cash available to customers both OTC and at ATMs.
2. Public Reports Are Important: The public plays a key role by reporting cases where cash is unavailable.

How to report cash scarcity

If you face a situation where you can’t get cash from a bank or ATM, the CBN has provided simple ways to report it. Here’s how:

1. Gather the Necessary Information

Before making a report, make sure you have all the details. These include:

• The name of the bank (DMB) involved.
• The location of the branch or ATM.
• The date and time of the incident.
• The amount you were trying to withdraw.
• Your account name (if applicable).

2. Choose Your Reporting Method

The CBN has provided two main ways to report cash scarcity:

a. By Phone

Call the CBN branch in your state. Each branch has a designated phone number for handling these reports. When you call, explain the issue clearly and provide all the details you gathered.

b. By Email

Send an email to the CBN branch in your state. Include all the necessary information, such as:

• The bank’s name.
• The branch or ATM location.
• The date, time, and amount involved.
• A brief description of the issue.

Make sure to use the correct email address for your state’s CBN branch.

Why your report matters

When you report cash scarcity, it helps the CBN:

• Identify the banks or branches not following the rules.
• Improve cash availability across the country.
• Ensure that everyone can access cash when they need it.

The CBN has promised to act quickly on reports. It will monitor banks closely and enforce compliance with its directives. The goal is to solve cash-related issues and make life easier for Nigerians.

To report cash scarcity, use the phone numbers and email addresses provided by the CBN for each state. This directory is available for the public, and it includes all 36 states in Nigeria. Make sure to use the contact information for the state where the issue occurred.