The Central Bank of Nigeria (CBN) has threatened to impose fines on erring banks over the ongoing cash scarcity at automated teller machines.

Olayemi Cardoso, governor of CBN, spoke on Friday at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).

On November 13, some Nigerians took to X to complain about the lack of cash in bank ATMs and having to depend on point of sale (POS) operators.

Reacting to the development two days later, the CBN directed banks to prioritise cash disbursement through ATMs.

The regulator also warned that banks disbursing naira notes to persons hawking the Nigerian currency will be penalised.

Speaking on Friday, Cardoso said non-compliance will lead to severe penalties.

“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” the CBN governor said.

“To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.

“Effective December 1, 2024, customers are encouraged to report any difficulties with withdrawing cash from bank branches 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. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery. 

“I repeat, financial institutions found engaging in malpractices or sabotage will face severe penalties.

“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”

Speaking on foreign exchange (FX), Cardoso said Nigeria missed out on a potential N6.2 trillion due to its less flexible FX regime.

“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” Cardoso said.

The CBN governor said the apex bank is focused on rebuilding Nigeria’s economic resilience through targeted reforms, including prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.

The Governor of Borno State, Babagana Zulum, has called for the withdrawal of the tax reform bills.

According to Zulum, the bill transmitted to the National Assembly by President Bola Tinubu in September, will drag the northern part of the country backward.

The bill has faced opposition from Northern governors, traditional rulers, and Northern Elders Forum.

However, despite the rejections, the Senate passed the bills for second reading on Thursday despite rowdiness at plenary.

Speaking in an interview with BBC Hausa service, the governor expressed displeasure over how the bills enjoyed speedy and smooth passage to the current phase when other bills had to spend several years to scale through.

He said, “We condemn these bills transmitted to the National Assembly. They will drag the north backward, and not only the north, South East, South West and some states in the South West such as Oyo, Osun, Ekiti, Ondo, will have problem with these bills.

“It is not opposition. This, based on our understanding, is something that will destroy the north in its entirety. Therefore, we call on President Bola Ahmed Tinubu and others to review this decision. He secured 60% of his votes in the north. He should not listen to those telling him that northerners are not supporting him. If our interest is served, that is all. What we need now is the withdrawal of the tax bills.

“Why all the rush! There’s a petroleum bill that was presented but it took almost 20 years before it was finally passed. But this one was transmitted and now receiving legislative attention within a week. What we are saying is that, let it be treated carefully and with caution so that even after our exit, our children would reap the benefits.

“How we see it is, if these bills scale through, we will not be able to even pay salaries. And if we paid, it won’t be sustainable the following year.”

Asked whether the bills would further exacerbate hunger and poverty in the north, Zulum answered in the affirmative, adding, “Including security. But they’re saying otherwise. We are against it, Lagos is against it; that it will drag it backwards. If this is the situation, then why won’t they rescind it? Our National Assembly members and even some from the Southern region are not in support of these bills.”

The governor, however, clarified that his objection of the bills was not a pointer of any opposition against the government, maintaining that it was only a call to reverse the decision.

He said, “This is our stand and doesn’t mean that we are against the government. We supported and voted for him (President Tinubu). But these bills will not mean good for us.”

Asked to comment on whether the lawmakers would pass the bills when lobbied and given kickbacks, Zulum said, “There are rumours around but we are not certain. But you know we are in Nigeria! What I am saying is that let us all be patriotic. We have children, grandchildren and relatives who are in villages, therefore, we should be careful not to endorse anything that would impede the progress of the north and other regions. We are appealing to the President to listen to us and address our concerns.”

President Bola Tinubu has said the economic reforms of his administration would impact Africa and boost the continent’s economy.

President Tinubu also hailed the President of France, Emmanuel Macron, for his interest in Africa’s growth and development, expressing confidence that Macron’s goodwill would foster stronger bilateral ties, benefiting the entire continent.

He stated this at the State Dinner organized by the French government for Tinubu at Palais des Elysée in Paris on Thursday night.

Tinubu encouraged both Nigerian and French citizens to uphold the cordial relationship shared by their nations.

First Lady Senator Oluremi Tinubu accompanied the President to the dinner, along with Nigerian government officials, businessmen, and the Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala.

“It is a great honour for me to be here. And it’s been a great day because you have arranged a great reception.

“Appreciating that you have a good knowledge of Nigeria is not enough. Your warmth, your commitment, and your foresight in Africa are remarkable.

“You stirred my excitement and caught my attention as a leader. Thank you.

“France went through a lot to put freedom, democracy and commitment together. Your effort is very inspiring for us to work together. We have no choice but to build a continent that connects, resonates for its people, and cares about the people and development,” President Tinubu said.

He thanked the French leader and his wife, Brigitte, for the State Visit and the three-day reception.

“In addition to the economic prospects and what you mean to Europe, to America and the African continent, there is a good prospect that you will not forget who we are. You open your doors for investment for our friends and brothers here. I could see Aliko Dangote, Aig Imoukhuede, and Tony Elumelu here. You have memories of your friends in Nigeria. You asked for Mike Adenuga earlier today. Thank you,” he stated.

President Tinubu noted that the future remained bright for better relations with France.

“It is a good time for all of us. I cannot be prouder than I am to be President of Nigeria at this challenging time. I have people who are very clearly inspired, who are determined to change the course of Africa by changing the rot of the past, blending a future that our children and grandchildren can hold, and be open, and be proud,” he said.

President Tinubu stated that the reforms in Nigeria would improve Africa’s economic prospects.

“Regarding Nigeria’s economy, as you have said, we have embarked on a very strong reform, and there is no looking back. It is in the interest of the entire continent that we don’t continue in the past. We must brace up for the future with commitment and optimism. And with the courage of our founding fathers.

“President Macron, all your efforts about Africa, I promise you shall not be in vain,” he added.

In his remarks, President Macron acknowledged Nigeria’s leadership in Africa, recognizing its role as a ‘big brother’ to the continent.

He praised Nigerians for their resilience and intellect, mentioning Nobel Laureate Prof. Wole Soyinka and musician Femi Kuti as global figures.

“Nigeria is a formidable country with talented young people. Many Nigerians are exceptional in their chosen careers.

“You conquered military rule and took your liberty. President Tinubu transformed the economy in Lagos, and now you are on a mission to transform the country,” Macron said.

Macron noted that French investors have long been active in Nigeria, particularly in oil, gas, construction, and food security.

He also highlighted opportunities in solid minerals, emerging technologies, and the film industry.

“Nigeria and France will continue to lead together, forging a path forward,” President Macron concluded.

The first woman and first African to run the World Trade Organization, Ngozi Okonjo-Iweala, has been reappointed to the role.

She was reappointed for a second term, the global trade body said Friday.

“WTO members today agreed to give incumbent Ngozi Okonjo-Iweala a second term as director-general of the WTO,” the organisation said in a statement.

Her next four-year term will begin on September 1, 2025.