CBN to investigate complaints of scarcity of funds in ATMs

The Central Bank of Nigeria (CBN) says it will investigate the scarcity of funds experienced by customers in most Automated Teller Machines (ATMs) in Lagos State.

The CBN‘s Acting Director, Corporate Communications, Mr Osita Nwanisobi told the News Agency of Nigeria (NAN), on Wednesday, that insinuations that the CBN bank conspired with commercial banks to ensure there was no money in the machines is “preposterous”.

“It is highly preposterous for anyone to say that CBN connived with banks to deprive people of their money this season.

“The primary purpose, for which ATMs were introduced, is to ease the sufferings of Nigerians and to make banking easier and convenient.

“I assure the public that CBN will investigate the matter,’’ he said.

Nwanisobi spoke on the heels of customers complaining that the proliferation of Agent Banking is responsible for ATMs not having money to dispense any more.

NAN reports that people have alleged this was due to banks conspiracy with CBN. The news Agency reports that some ATMs that are not dispensing cash are those that are either faulty or looted and vandalised in aftermath of the #ENDSARS protests.