The Central Bank of Nigeria (CBN) has imposed a total fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to adequately load their Automated Teller Machines (ATMs) during the Yuletide season. Each bank is to pay N150 million for non-compliance with the CBN’s cash distribution guidelines.
The sanctioned 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 penalties were enforced following spot checks conducted by the CBN at various branches of the affected banks. According to a statement from the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the fines have been debited directly from the accounts of the banks involved. She stated that ensuring seamless cash flow is essential for maintaining public trust and economic stability, adding that the CBN would not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.
The CBN also revealed that investigations are ongoing into cash hoarding and rationing by bank branches and Point-of-Sale (PoS) operators. It is collaborating with security agencies to tackle illegal cash sales and enforce the daily cumulative withdrawal limit of N1.2 million for PoS operators.
The central bank reaffirmed its commitment to ensuring efficient cash distribution across the country, especially during periods of high demand.
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