The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine Deposit Money Banks for failing to ensure cash availability through Automated Teller Machines (ATMs) during the festive season. Each bank was fined ₦150 million after spot checks revealed non compliance with the CBN’s cash distribution guidelines.
The affected banks are 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 their accounts with the CBN.
In a press statement, the acting Director of Corporate Communications, Mrs. Hakama Sidi, reaffirmed the CBN’s zero tolerance stance on cash flow disruptions. She emphasized that the enforcement underscores the apex bank’s commitment to ensuring seamless cash availability, especially during periods of high demand.
The CBN has also pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point of Sale terminals. Additionally, it is working with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of ₦1.2 million for POS operators.
As part of its broader efforts, the CBN previously announced in September that it would penalize banks failing to dispense cash via ATMs. In November, the apex bank set up designated phone numbers and email addresses for customers to report ATM and branch cash withdrawal issues.
This enforcement action demonstrates the CBN’s commitment to prioritizing customer needs and maintaining uninterrupted access to cash during critical periods.