• Latest
  • Trending
  • All
CBN fines Nine Banks N150m each for ATM Cash Shortage

CBN fines Nine Banks N150m each for ATM Cash Shortage

Ibas faults NBA for moving Conference from Rivers to Enugu, demands Refund of N300m Hosting Rights

Rivers LG Administrator Resigns

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

Court remands TikToker For Bathing On Street

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills

Tinubu lands in Benue amidst Aftermath of Yelewata attack

CAC Increases Service Fees from  August 1

CAC Increases Service Fees from August 1

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

Air India Plane carrying 242 Passengers Crashes after Takeoff (Video)

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

  • About Us
  • Advertise with Us
  • Editorial Policy
Wednesday, June 25, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

CBN fines Nine Banks N150m each for ATM Cash Shortage

by iDeemlawful
January 15, 2025
A A
CBN fines Nine Banks N150m each for ATM Cash Shortage
FacebookTwitterWhatsapp

The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks include;

RelatedPosts

CBN opens up on Introducing New N5000, N10000 Notes

CBN ordered to suspend increase in ATM Transaction Charges

CBN dragged to Court over ATM fee hike

Nigerians to Pay N500 per Withdrawal as CBN releases New ATM Transactions Charges

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.

The fines will be directly debited from the banks’ accounts with the CBN.

In a press statement released on Tuesday, the Central Bank of Nigeria (CBN) stated through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, that it is determined to ensure that cash is always available.

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.

“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 affected banks include 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.”

Sidi-Ali emphasized that the Central Bank of Nigeria (CBN) is prepared to enforce additional penalties on any financial institution that does not adhere to its regulations governing cash circulation.

The apex bank had previously warned banks to comply with cash distribution policies.

The CBN has pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals.

The regulator was collaborating with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2m for POS operators.

Last September, the CBN announced plans to penalise banks failing to dispense cash via ATMs as part of efforts to ensure adequate cash circulation.

In November, the bank urged customers to report ATM and branch cash withdrawal issues starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The fines imposed by the Central Bank of Nigeria (CBN) demonstrate its commitment to putting customers’ interests first and maintaining a reliable supply of cash.

Tags: BanksCBN Policies
Previous Post

US Market Watchdog sues Elon Musk for Buying Twitter

Next Post

JAMB changes English Novel, releases Important updates on 2025 UTME Registration

iDeemlawful

iDeemlawful

Related Posts

CAC Increases Service Fees from  August 1
Business News

CAC Increases Service Fees from August 1

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024
Business News

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports
Business News

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria
Business News

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

Nigeria Pays Back all N2.59trn IMF Debt
Business News

Nigeria Pays Back all N2.59trn IMF Debt

FCCPC Replies  Meta’s threat to Quit Nigeria over ₦220 Million Fine
Business News

FCCPC Replies Meta’s threat to Quit Nigeria over ₦220 Million Fine

NNPC reduces NMDPRA fee Per-Litre petrol in New Pricing Template
Business News

$3bn Refinery Fraud: N80bn found in sacked MD’s Bank Accounts

15 Die in Kwara road Accident
Business News

Easter: Jubilations As Kwara Workers Receive April Salaries

Can Nigerians still Placed Fund Withdrawal? – What you need to know as CBEX crashes
Business News

Can Nigerians still Placed Fund Withdrawal? – What you need to know as CBEX crashes

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In