CBN Fines Nine Banks N1.35 Billion Over Festive ATM Cash Scarcity | SEE BANKS

The Central Bank of Nigeria (CBN) has fined nine banks N1.35 billion for non-compliance with cash distribution guidelines during the festive season. Read the full story for the list of affected banks and details.

 

 

The Central Bank of Nigeria (CBN) has imposed a combined fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure the availability of naira notes in Automated Teller Machines (ATMs) during the festive season. Each bank was fined N150 million for non-compliance with the apex bank’s cash distribution guidelines.

 

A statement issued by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, highlighted the enforcement action:

 

“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.”

 

The CBN stated that spot checks conducted during the festive period revealed that the affected banks had not complied with its directives to ensure seamless cash availability, particularly during periods of heightened demand.

 

List of Affected Banks:

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

Sterling Bank Plc

The fines will be directly debited from the respective accounts of the penalized banks with the CBN.

 

This enforcement action underscores the apex bank’s commitment to ensuring that financial institutions fulfill their obligations to the public, especially during critical periods like the festive season.