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“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand”
*CBN Governor Olayemi Cardoso
PEGASUS REPORTERS, LAGOS | JANUARY 15, 2025
The Central Bank of Nigeria has slammed 9 banks with a penalty amounting to N1.35 billion for not maintaining sufficient cash availability in their Automated Teller Machines during the holiday season.
In a press statement released on Tuesday, the acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi, emphasised the regulator’s commitment to ensuring seamless cash availability.
The statement read, “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.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.”
The banks that are penalised 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.
The total sum which amounted to N1.35 billion will be deducted directly from the banks’ accounts held with the Central Bank of Nigeria (CBN).
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