The Central Bank of Nigeria (CBN) has said that with effect from December 1, 2024, bank customers who are unable to make withdrawals from Automated Teller Machines (ATMs) will be able to report directly to it through designated phone lines and emails for their states. Governor of the apex bank, Olayemi Cardoso, stated this in his address at the Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.

He said: “Effective December 1, 2024, customers are encouraged to report any difficulties withdraw- ing cash from bank branch- es 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. ” According to him, the apex bank will also maintain robust cash buffers to meet the country’s needs, particularly during high cash demand periods such as festive seasons.

He stated that starting next year, financial institutions will be required to refine their compliance and governance frameworks to address evolving risks, adding that this is enhancing regulatory effectiveness and accountability, as demonstrated by recent changes to our supervisory and enforcement approach. He disclosed that: “Recently, penalties totaling ₦15 billion were imposed on 29 banks for breaches, including AML/CFT violations. In addition to these penalties, the banks are required to address the root causes of the lapses, which is crucial for improving regulatory effectiveness. Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative.” Cardoso also noted that contrary to popular belief, the country spent less on fuel subsidy compared to forex subsidy.

“In 2022 alone, the potential revenue lost due to a less flexible FX regime was approximately N6.2 trillion, compared to N4.5 trillion from fuel subsidies. These funds could have significantly contributed to critical investments in edu- cation, healthcare, and infrastructure development.” According to him, he ethics and professionalism of bankers and treasurers are under constant scrutiny, which is why the Cbn has in- troduced the FX Global Code for all authorized He announced that from the 2nd of Decem- ber 2024, the CBN will introduce electronic for- eign exchange trading to boost transparency