The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks for failing to provide adequate cash through Automated Teller Machines (ATMs) during the festive season.
Each bank was penalized N150 million following spot checks that revealed their non-compliance with the CBN’s cash distribution guidelines. The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.
In a statement released on Tuesday, the acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi, reiterated the apex bank’s commitment to ensuring seamless cash availability.
The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines during the yuletide season.”
Mrs. Sidi emphasized that the CBN would not hesitate to take further enforcement actions against banks violating cash circulation guidelines. She also highlighted the regulator’s ongoing collaboration with security agencies to combat illegal cash sales and enforce compliance with the daily withdrawal limit of N1.2 million for Point-of-Sale operators.
The apex bank assured the public of intensified monitoring to address cash hoarding and rationing at bank branches and PoS terminals, as well as continued efforts to ensure uninterrupted access to cash.
The fines reflect the CBN’s resolve to prioritize customer needs and uphold its cash distribution policies, especially during periods of high demand.
