Tayo Busayo, Abuja
DAILY COURIER - The Central Bank of Nigeria (CBN) has imposed a fine of ₦150 million on each of nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through their Automated Teller Machines (ATMs) during the busy yuletide season.
The sanctions, totaling ₦1.35 billion, came after the CBN conducted spot checks on bank branches to assess compliance with its cash distribution guidelines. The affected banks 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.
Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the fines, stating that the apex bank remains committed to ensuring seamless cash availability to maintain public trust and economic stability. “The CBN will not hesitate to impose further sanctions on institutions violating cash circulation guidelines,” she warned.
The fines will be debited directly from the accounts of the penalized banks at the CBN. Governor Olayemi Cardoso, speaking at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, had earlier cautioned financial institutions against non-compliance with cash distribution policies, emphasizing the apex bank’s zero-tolerance stance.
The CBN further disclosed ongoing collaboration with security agencies to combat illegal cash sales and enforce Point-of-Sale (POS) operators' daily cumulative withdrawal limits of ₦1.2 million.
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