The Central Bank of Nigeria has imposed fines totaling N1.35 billion on nine banks for failing to make cash available at Automated Teller Machines during the festive season.
Each of the banks—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—was fined N150 million for violating the CBN’s cash distribution guidelines.
The fines will be debited directly from the banks’ accounts with the apex bank.
In a statement on Tuesday, the Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi Ali, stressed the importance of ensuring Nigerians had seamless access to cash, especially during high-demand periods.
“In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines during the yuletide season,” the statement read.
Mrs. Sidi Ali added, “The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability. We will not hesitate to impose further sanctions on any institution violating our cash circulation guidelines.”
The CBN also announced plans to increase monitoring of banks to prevent cash hoarding and ensure compliance with withdrawal limits of N1.2 million daily for Point-of-Sale operators.
The regulator revealed it is collaborating with security agencies to tackle illegal cash sales and improve cash accessibility for Nigerians.
Last year, the CBN issued several warnings to banks regarding cash shortages. In November, it introduced dedicated phone numbers and email addresses for customers to report ATM and branch withdrawal issues.
