The Central Bank of Nigeria (CBN) has imposed a total fine of ₦1.35 billion on nine Deposit Money Banks for failing to ensure cash availability through Automated Teller Machines (ATMs) during the festive season.
The sanctioned banks, fined ₦150 million each, 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.
The fines, which will be debited directly from the banks’ Central Bank of Nigeria (CBN) accounts, followed spot checks revealing non-compliance with the apex bank’s cash distribution guidelines.
In a statement issued by Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the Central Bank of Nigeria (CBN) reiterated its zero-tolerance stance on cash flow disruptions, emphasizing the importance of meeting cash demands during peak periods.
“The enforcement action underscores the CBN’s commitment to prioritizing customer needs and ensuring uninterrupted access to cash,” the statement read.
The Central Bank of Nigeria (CBN) also reaffirmed its collaboration with security agencies to address illegal cash sales and enforce the ₦1.2 million daily withdrawal limit for Point-of-Sale operators. It further urged customers to report ATM and branch cash withdrawal issues through designated channels introduced in December 2024.
This move aligns with the CBN’s broader effort to monitor and regulate cash hoarding, strengthen cash flow systems, and enforce its cash circulation policies effectively.