The Central Bank of Nigeria (CBN) has imposed fines of ₦150 million each on nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes at automated teller machines (ATMs) during the festive season.
The fines, which will be directly debited from the banks’ accounts with the apex bank, highlight the CBN’s zero-tolerance stance on cash flow disruptions.
The penalties were issued 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.
Speaking on the sanctions, Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, emphasized the importance of uninterrupted cash circulation. “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.
The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she stated.
The CBN has ramped up investigations to address cash hoarding and rationing, not only at bank branches but also among Point-of-Sale (POS) operators.
The apex bank is collaborating with security agencies to crack down on illegal cash sales and enforce the daily POS withdrawal limit of ₦1.2 million.
Governor Olayemi Cardoso reiterated the CBN’s commitment to upholding a stable cash distribution system. Speaking at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, he warned financial institutions to adhere to cash distribution policies or face strict penalties.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso said.
The CBN has urged all banks to comply fully with its guidelines, warning that any further violations will result in swift and decisive action.
 fined nine banks ₦150m each for failing to ensure cash availability at ATMs during the yuletide.){kind=link}