Nine Deposit Money Banks (DMBs) have been fined N1.35 billion for failing to adequately load their Automated Teller Machines (ATMs) during the Yuletide.
The Central Bank of Nigeria (CBN) which imposed the sanction, said each of the banks will pay N150 million as fine for non-compliance with the regulator’s cash distribution guidelines, following spot checks conducted at their branches.
The sanctioned banks 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.
A statement by the CBN said the fines had been enforced, stressing that the commitment to guaranteeing seamless cash flow, particularly during periods of high demand, would be followed up.
According to the apex bank, the fines would be debited directly from the affected banks’ accounts domiciled with it.
The statement by the CBN Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, reads in part: “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.”
The apex bank disclosed ongoing investigations into cash hoarding and rationing by bank branches and Point-of-Sale (PoS) operators.
Mrs. Ali said the CBN is collaborating with security agencies to address illegal cash sales and enforce the PoS operators’ daily cumulative withdrawal limit of N1.2 million.
