The Central Bank of Nigeria (CBN) has imposed fines tototalinN1.35 billion on nine Deposit Money Banks for failing to ensure cash availability via Automated Teller Machines (ATMs) during the festive season.
Each of the banks—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—was fined N150 million following spot checks that revealed non-compliance with CBN cash distribution guidelines.
In a statement released on Tuesday, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, stressed the apex bank’s commitment to maintaining seamless cash availability, especially during high-demand periods.
“Each bank was fined N150million for non-compliance, in line with the CBN’s cash distribution guidelines. This enforcement action follows repeated warnings to financial institutions to guarantee uninterrupted cash flow during the yuletide season,” the statement read.
The CBN has also pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale (POS) terminals. The regulator, in collaboration with security agencies, is cracking down on illegal cash sales while ensuring adherence to the daily withdrawal limit of N1.2 million for POS operators.
These fines come as part of the CBN’s broader effort to enforce compliance with cash distribution policies.
