CBN fines nine Nigerian banks ₦1.35 billion for breaching ATM cash distribution guidelines. Learn how this action ensures financial stability.
The Central Bank of Nigeria (CBN) has slammed a cumulative fine of ₦1.35 billion on nine Deposit Money Banks (DMBs) for failing to dispense naira notes through Automated Teller Machines (ATMs) during the festive season.
Each of the nine banks was fined ₦150 million for violating CBN’s cash distribution policies. Spot checks by the apex bank at various branches uncovered their non-compliance.
The banks penalized 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.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, confirmed the fines, stating that the penalties would be directly debited from the affected banks’ accounts. She warned that stricter actions await any institution found breaching the guidelines.
Furthermore, she emphasized ongoing investigations into cash hoarding and rationing practices at bank branches and Point-of-Sale (POS) outlets, as well as collaboration with security agencies to combat illegal cash sales and enforce the daily withdrawal limit of ₦1.2 million for POS operators.
This action follows CBN Governor Olayemi Cardoso’s repeated calls for strict adherence to cash distribution policies to ensure seamless cash availability. He affirmed the CBN’s commitment to stabilizing the financial system and fostering trust.
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