The Central Bank of Nigeria (CBN) has imposed fines on at least nine Deposit Money Banks for their failure to ensure cash availability through automated teller machines (ATMs) during the festive season. The total fines amount to N1.35 billion, with each bank receiving a penalty of N150 million.
These banks were found to be in violation of the CBN’s cash distribution guidelines after spot checks indicated non-compliance. In a statement released on Tuesday by the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, it was emphasized that the Central Bank is taking a firm stance against disruptions in cash flow. The statement noted, “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 of the banks was fined N150 million for their non-compliance, following the CBN’s cash distribution guidelines and the results of the spot checks conducted at their branches. This enforcement action comes after repeated warnings from the CBN to financial institutions to ensure seamless cash availability, especially during periods of high demand.
The banks affected by these fines 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.
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