January 14, (THEWILL) – The Central Bank of Nigeria has imposed a N150 million fine on nine Deposit Money Banks for failing to dispense cash through Automated Teller Machines during the yuletide season.
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 would be debited directly from their accounts with the apex bank.
A statement by CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, warned that the bank will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.
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.”
Speaking in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in November 2024, CBN Governor, Olayemi Cardoso, warned banks to strictly adhere to cash distribution policies or face severe penalties.
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