CBN Plans New ATM Rules to Address Nigerians Holding N5.4 Trillion in Cash Outside Banks

The Central Bank of Nigeria (CBN) is set to introduce new regulations to enhance ATM reliability and improve cash distribution by tightening debit card issuance and enhancing ATM operations across Nigerian banks by the end of the second quarter of 2026. The move is part of the CBN's efforts to address persistent cash access challenges.

CBN Governor Yemi Cardoso, along with special advisor Fatai Karim, announced the upcoming policy changes at a banking operations conference. The new rules aim to reduce congestion, frequent downtimes, and uneven cash availability nationwide.

The CBN is engaging key stakeholders to ensure the policy's effectiveness within months. The announcement comes as data shows that Nigerians hold a significant amount of physical cash outside banks, with N5.4 trillion recorded in December 2025, highlighting a strong preference for cash transactions despite efforts to promote electronic payments and financial inclusion.