In a strong stance against cash flow disruptions, the Central Bank of Nigeria (CBN) has penalised Deposit Money Banks (DMBs) for failing to provide Naira notes via automated teller machines (ATMs) during the festive period.
Each bank was fined ₦150 million for non-compliance with the CBN’s cash distribution guidelines after spot inspections of their branches.
This enforcement action follows repeated warnings from the CBN to ensure uninterrupted cash availability, especially during high-demand seasons.
The penalised 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 debited directly from the banks’ accounts with the apex bank, according to the Acting Director of Corporate Communications, Hakama Sidi Ali, who emphasised the importance of maintaining public trust and economic stability.
“The CBN will impose further sanctions on institutions violating cash circulation guidelines,” Ali stated.
The CBN continues to investigate and monitor cash hoarding and rationing, targeting irregularities at bank branches and Point-of-Sale (POS) operators. The bank is collaborating with security agencies to address illegal cash sales and enforce POS operators’ withdrawal limits of N1.2 million daily.
Governor Olayemi Cardoso reiterated the importance of compliance during his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024. He highlighted the CBN’s dedication to fostering trust and ensuring seamless cash circulation across Nigeria’s financial system.
Further violations of cash distribution policies will attract swift and decisive action, the CBN warned.
