The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.
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.
Each of the banks was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.
According to the apex bank, the fines will be directly debited from the banks’ accounts with the CBN.
The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
Hakama Sidi Ali, acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, confirmed the development in a release on Tuesday, stating that “ensuring seamless cash flow is paramount to maintaining public trust and economic stability.
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 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.”
The statement warned that “the CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”