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;
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.
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