Cash Withdrawal: CBN Issues New Directive to Access, UBA, Zenith, Others in New Year
- Central Bank of Nigeria orders banks to improve cash availability ahead of 2026
- Nigerians enjoy a stress-free festive season with better access to cash
- Nigeria's banking transformation sees 229 branches closed as digital transactions rise
The Central Bank of Nigeria has issued fresh directives to commercial banks, including Access Bank, UBA, Zenith Bank and others, as part of a renewed push to ensure steady cash availability across the country in 2026.
The move is aimed at reinforcing operational discipline in the banking system and restoring public confidence in access to physical cash.
Source: Getty Images
For the first time in several years, Nigerians experienced a largely stress-free Christmas and New Year period, with minimal complaints about cash scarcity.
Traditionally, the festive season was marked by long queues at bank branches, empty ATMs and frustrated customers struggling to access naira notes. This year, the narrative changed.
Committee intervention brings relief
The turnaround followed the work of a high-level committee set up by the CBN and chaired by its Governor, Olayemi Cardoso.
The committee conducted a comprehensive review of Nigeria’s recurring cash scarcity challenges and recommended structural solutions rather than temporary fixes.
Across major cities such as Lagos, Abuja, Kano and Calabar, traders and small business owners reported improved access to cash for daily transactions.
Spot checks at several bank branches showed customers were able to make over-the-counter withdrawals with ease, while ATMs were largely functional and adequately funded.
In areas like Ibeju-Lekki, Victoria Island and Ikoyi in Lagos, the usual festive-season queues were noticeably absent. Many customers completed their transactions within minutes.
Customers feel the impact
Mrs. Nkiru Onyema, a bank customer in Lagos, said she spent less than 10 minutes withdrawing N20,000 across the counter.
According to her, the days of endless queues at bank halls and ATMs appear to be fading.
Another customer, Stephen Abiodun, said he withdrew cash from an ATM within 15 minutes without any difficulty.
He noted that reduced waiting times allowed people to focus on more productive activities rather than spending hours searching for cash.
Similar experiences were reported at bank branches in Garki, Abuja, Broad Street in Lagos and along the Ikeja axis, where ATMs were fully operational throughout the holiday period.
Banks urged to meet cash obligations
President of the Bank Customers Association of Nigeria, Dr. Uju Ogubunka, described the development as a major relief for bank customers.
He urged commercial banks to proactively request cash from the CBN to meet customer demand, stressing that access to cash remains essential despite the growth of digital payments.
Speaking at the Chartered Institute of Bankers of Nigeria’s annual bankers’ dinner in Lagos, Governor Cardoso explained that the CBN adopted an end-to-end approach to solving the problem.
He said the apex bank reviewed the entire cash lifecycle, from printing and transportation to distribution and consumer access.
According to a report by Daily Sun, this led to adjustments in cash printing models, new guidelines on optimal ATM-to-card ratios, stricter approval requirements for ATM and branch closures, sanctions for banks with non-dispensing ATMs and tighter supervision of POS operators nationwide.
Digital finance push continues
While strengthening cash availability, the CBN has continued to drive Nigeria’s digital finance agenda.
The Payment System Vision roadmap has been extended to 2028, with a focus on modernising payment infrastructure and enhancing cybersecurity.
Over 12 million contactless payment cards are now in circulation, while the CBN’s regulatory sandbox supports more than 40 fintech innovators.
Revised agent banking rules have also tightened anti-money laundering controls and improved consumer protection.
These efforts have positioned Nigeria as one of Africa’s most advanced digital payments markets, supported by a thriving fintech ecosystem and deep consumer adoption.
Foreign card use gets a boost
In another move to improve access to funds, the CBN recently directed banks and fintechs to ensure uninterrupted use of foreign-issued payment cards across ATMs, POS terminals and online platforms.
According to a circular signed by Rita Sike, Director of the Financial Policy and Regulation Department, the directive is designed to improve convenience, security and user experience for tourists and Nigerians returning from the diaspora.
Source: Getty Images
Banks are required to ensure full system availability, proper configuration and compliance with international card scheme standards.
Together, these measures signal a stronger regulatory stance by the CBN as it balances cash access with digital transformation in Nigeria’s evolving financial landscape.
Access, Zenith, UBA, others shut 229 bank branches
Legit.ng earlier reported that Nigeria’s banking landscape is undergoing a quiet but profound transformation. In the space of one year, Deposit Money Banks shut 229 physical branches nationwide as customers increasingly shifted everyday transactions to Point of Sale terminals and other electronic channels.
According to the Central Bank of Nigeria’s 2024 Financial Sector Statistical Bulletin, the total number of bank branches and cash centres fell from 5,373 in 2023 to 5,144 in 2024.
This decline occurred despite the number of licensed banks rising from 33 to 35, highlighting a clear shift away from brick-and-mortar banking toward digital platforms.
Source: Legit.ng
