The Central Bank of Nigeria (CBN) has slammed fines totalling N1.35 billion on nine Deposit Money Banks for failing to ensure cash availability via Automated Teller Machines (ATM) during the 2024 festive season.
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.
According to the CBN, each of the banks was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.
In a press statement, the acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi-Ali, said the fines would be directly debited from the banks’ accounts with the CBN.
The CBN emphasised its commitment to ensuring seamless cash availability.
“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.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand,” the statement read.
Sidi-Ali noted that CBN will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.
