The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.
In a statement issued on Tuesday, the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed that each bank was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.
“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 statement read.
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
- Sterling Bank Plc
The fines will be directly debited from the banks’ accounts with the CBN.
The apex bank emphasized that the enforcement action follows repeated warnings to financial institutions to ensure seamless cash availability, especially during periods of high demand.
