The Central Financial institution of Nigeria (CBN) is reinforcing operational self-discipline guaranteeing that the monetary system serves all Nigerians reliably by making money out there always. A committee arrange and chaired by CBN Governor, Olayemi Cardoso to take a holistic have a look at the money shortage drawback appears to have led to aid to tens of millions of Nigerians in want of money for his or her each day spending and enterprise operations. Nigerians at the moment are excited that for the primary time in recent times, Christmas season, was celebrated with zero complaints from the banking public on money shortage or issue of getting money from banks and Automated Teller Machines (ATMs).Treasured Ugwuzor reviews
For years, Christmas and New Yr durations have been at all times disrupted by perennial shortage of naira notes.
Throughout such durations, and someday afterwards, Nigerians discover it very tough to entry money from banks, Automated Teller Machines (ATMs), and generally Level of Sale (PoS) terminals.
However all which have modified after a committee arrange and chaired by CBN Governor, Olayemi Cardoso reviewed money shortage drawback within the nation, and offered resolution for the convenience the issues of the individuals.
In most of the markets visited in Lagos, Abuja, Kano, Calabar, and throughout main cities within the nation, merchants praised the CBN discovering lasting options to the issue.
A verify in most of the industrial banks’ branches confirmed that many purchasers that wanted money for the season have been capable of get the money over-the-counter.
Additionally, many financial institution ATMs have been loaded, giving cardholders alternative to make money withdrawal across-the-counter and ATMs.
In most of the banks’ branches in Ibeju-Lekki, Victoria Island, Ikoyi, the lengthy queues peculiar with the season have been non-existent.
One of many banks’ clients, Mrs. Nkiru Onyema, mentioned she spent simply 10 minutes in a brand new technology financial institution to be paid N20,000 across-the-counter. “It took me 10 minutes to be paid by my financial institution. I’m completely satisfied that the outdated follow of individuals queuing in banks and ATMs for money withdrawals and deposits is over,” she mentioned.
In keeping with her, the money crunch has eased after banks started loading their ATMs with money to allow clients who can’t make it to the banking corridor to get money from the machine.
One other buyer, Stephen Abiodun, mentioned he was additionally capable of make money withdrawal from a financial institution’s department ATM with none challenges.
“After spending simply quarter-hour, I used to be capable of get money from my financial institution’s ATM. The time individuals spent on the banking halls additionally lowered giving them extra time to hold out different productive actions,” he mentioned.
In most of the banks’ branches visited, in Garki Abuja, Broad avenue Lagos, and Ikeja-axis additionally in Lagos, their ATMs are totally operational.
President, Financial institution Clients Affiliation of Nigeria (BCAN), Dr. Uju Ogubunka, mentioned the event supplies an excellent sense of aid to financial institution clients.
Ogubunka, who was former Registrar, Chartered Institute of bankers of Nigeria (CIBN), mentioned banks ought to make request for money from the CBN to allow them meet their obligations to clients.
Talking on the event over the past banker’s dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, CBN Governor, Olayemi Cardoso defined how the apex financial institution, working in collaboration with the industrial banks, achieved the feat.
“Our start line was a complete, finish‑to‑finish evaluation of your complete money lifecycle: from manufacturing, to transportation, to distribution, and eventual entry by shoppers,” he mentioned.
The apex financial institution boss added: “This holistic evaluation enabled us to handle root causes moderately than signs. Consequently, we recalibrated our money‑printing fashions, issued tips on the optimum ATM‑to‑card ratio, strengthened necessities for CBN approval earlier than ATM or department closures, enforced sanctions on banks whose ATMs fail to dispense money, and intensified supervision of cost brokers and POS operators nationwide”.
Digital finance transformation
Nigeria’s digital‑finance transformation accelerated in 2025, reflecting CBN’s twin priorities of fostering innovation whereas safeguarding stability throughout the funds ecosystem. Earlier this yr, we prolonged our Cost System Imaginative and prescient roadmap to 2028, an bold dedication to modernise funds infrastructure and strengthen cybersecurity.
In keeping with the CBN, greater than 12 million contactless cost playing cards at the moment are in circulation. Our regulatory sandbox has expanded to over 40 fintech innovators, enabling protected experimentation and accountable scaling of latest digital‑finance options.
“Revised agent‑banking tips have tightened anti‑cash‑laundering controls, together with geo‑fencing of excessive‑threat areas, whereas bettering client safety on the final mile. Integration throughout switching firms has improved, bringing Nigeria nearer to seamless home interoperability,” it mentioned.
Supported by these measures, Nigeria right now stands amongst Africa’s most superior digital funds markets, with a dynamic fintech ecosystem that has produced eight of the continent’s 9 unicorns. By mid-2025, main fintech apps had surpassed 10 million downloads every, with one surpassing 50 million downloads, reflecting deep client adoption.
CBN lately directed banks and different monetary establishments to make sure uninterrupted use of foreign-issued cost playing cards throughout ATMs, point-of-sale (POS) terminals and on-line platforms nationwide.
In a round CBN’s Monetary Coverage and Regulation Division and signed by its Director, Rita Sike, is predicted to enhance entry to funds, safety and consumer expertise for vacationers and Nigerians coming back from the diaspora.
She mentioned: “In furtherance of ongoing efforts to facilitate entry to funds and comfort, safety, and consumer expertise in overseas card utilization for diasporans and vacationers visiting Nigeria, all banks and non-bank acquirers of worth are hereby directed to make sure uninterrupted and environment friendly native foreign money withdrawal, cost, and switch companies for customers of foreign-issued cost playing cards nationwide”.
Beneath the round, banks and fintechs have been instructed to make sure that all ATMs, POS and digital terminals have been configured to simply accept worldwide playing cards, complied with card-scheme requirements and possessed the required certifications.
They have been additionally required to take care of system availability to keep away from failed transactions.
The central financial institution mentioned establishments should “implement multi-factor authentication for all withdrawals and on-line transactions exceeding $200 per day, $500 per week, and $1,000 per 30 days (or its equal),” whereas guaranteeing compliance with accredited ATM money withdrawal limits.
The CBN additional directed banks and acquirers to obviously disclose trade charges and prices to clients earlier than finishing transactions, preserve enough liquidity to settle transactions, and be sure that retailers have been paid in native foreign money.
They’re anticipated to “clearly talk the relevant trade fee, which shall be market-driven and based mostly on the prevailing official fee, in addition to different related prices to customers,” the CBN mentioned, including that transactions ought to solely be accomplished after clients have accepted the phrases.
To curb fraud and abuse, the round required establishments to strengthen know-your-customer and anti-money laundering controls, monitor uncommon transaction patterns, recalibrate fraud-monitoring techniques to cut back false declines on professional overseas card transactions, and be sure that card-acceptance units supported contactless funds for low-value transactions.
Banks have been additionally directed to require signed receipts for card-present transactions and request legitimate identification paperwork the place transactions appeared suspicious.
Suspicious transactions should be reported to the Nigerian Monetary Intelligence Unit in keeping with current laws.
For acquirers, the CBN mandated sturdy and auditable chargeback administration processes, retention of transaction information for no less than 12 months, and quarterly coaching for retailers and agent networks on dispute dealing with and chargebacks.
The regulator warned that unresolved buyer complaints escalated to the CBN would appeal to sanctions.
Vacationers and Nigerians coming back from the diaspora who skilled difficulties utilizing overseas playing cards have been suggested to report such incidents to the CBN’s Shopper Safety and Monetary Inclusion Division. “The CBN will monitor compliance with this directive and can impose acceptable sanctions on any establishment present in breach, in accordance with extant laws,” it mentioned.
The transfer comes in the course of the yuletide interval, when a surge in visits by Nigerians residing overseas and overseas vacationers usually results in elevated reliance on foreign-issued playing cards for money withdrawals and funds.
Entrenching digital funds
The apex financial institution has for years, regarded past money by entrenching digital funds among the many populace.
That defined why the CBN raised the innovation bar with the discharge of a brand new e-payment tips titled: “Migration to ISO 20022 Commonplace for Cost Messaging and Obligatory Geo-Tagging of Cost Terminals”.
The brand new coverage aligns with CBN’s transfer to entrench transparency, compliance and secured e-payment house.
In keeping with Cardoso, the Nigerian funds ecosystem has been forward of many superior economies, but has not at all times obtained the popularity it deserves.
“Many inventions that different nations are solely now experiencing have been a part of our system for years. We should have a good time these successes, as they contribute to constructing our international fame. Nigeria’s dynamic fintech ecosystem has pushed monetary inclusion and positioned the nation as a hub of innovation in Africa,” he mentioned.
Cardoso defined that regardless of a difficult exterior surroundings, Nigerian Fintechs proceed to shine, attracting important overseas funding and several other have achieved international unicorn standing this yr. Their improvements, alongside different monetary service suppliers, have fueled progress in transactions and made monetary companies extra inexpensive and accessible for a lot of extra Nigerians.
“We should proceed to leverage this channel to boost entry to finance and credit score, significantly for under-served populations. Nevertheless, I urge fintech firms and banks to make sure their platforms should not exploited for fraudulent actions. Strengthening the KYC onboarding course of is important to stop malicious actors from exploiting our monetary system”.
“Moreover, these establishments should prioritize bettering transaction monitoring and bolstering client safety measures to make sure that digital channels stay protected, particularly for probably the most weak segments of our inhabitants”.
Cardoso mentioned that whereas the apex financial institution continues to put the inspiration for value stability and foster a conducive coverage surroundings, the function of banks on this journey stays essential.
“On the Central Financial institution, we’ve got intensified surveillance of market actions to make sure compliance. Collectively, we should construct a market based mostly on robust governance and transparency. As regulators, we’ll preserve a zero-tolerance method to compliance violations,” he mentioned.
Sanctions for coverage violations
The CBN lately sanctioned Deposit Cash Banks (DMBs) for failing to make naira notes out there by way of automated teller machines (ATMs), in the course of the yuletide season.
Every financial institution was fined N150 million for non-compliance, in keeping with the CBN’s money distribution tips, following spot checks on their branches. The enforcement motion follows repeated warnings from the CBN to monetary establishments to ensure seamless money availability, significantly during times of excessive demand.
Communication with the banks revealed that the fines have been debited immediately from their accounts with the apex financial institution.
Hakama Sidi Ali, performing director of company communications on the CBN, confirmed the event, noting that “Guaranteeing seamless money movement is paramount to sustaining public belief and financial stability.
“The CBN is not going to hesitate to impose additional sanctions on any establishment discovered violating its money circulation tips,” she added.
The CBN’s investigations and monitoring will proceed to scrutinise money hoarding and rationing, each at financial institution branches and by POS operators. The Central Financial institution is working with safety companies to crack down on unlawful money gross sales and operational violations, together with implementing POS operators’ each day cumulative withdrawal restrict of N1.2 million.
Cardoso had warned banks to strictly adhere to money distribution insurance policies or face extreme penalties. He underscored the CBN’s dedication to sustaining a strong money buffer to satisfy Nigerians’ wants. “Our focus stays on fostering belief, guaranteeing stability, and guaranteeing seamless money circulation throughout the monetary system,” Cardoso mentioned.
