By Miracle Ogunde
The Central Bank of Nigeria (CBN) has imposed sanctions on Deposit Money Banks (DMBs) for failing to provide Naira notes through automated teller machines (ATMs) during the yuletide season.
According to Channels TV, the enforcement action follows repeated warnings from the CBN, urging financial institutions to ensure smooth cash availability, especially during periods of heightened demand.
Banks confirmed that the fines would be deducted directly from their accounts with the apex bank.
Each bank was fined ₦150 million for non-compliance with the CBN’s cash distribution guidelines, following spot checks on their branches.
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 development, emphasising that “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she stated.
The CBN’s monitoring and investigations will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators.
The Central Bank is also collaborating with security agencies to crack down on illegal cash sales and operational violations, including enforcing the daily cumulative withdrawal limit of N1.2 million for POS operators.
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