The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.
Each bank was fined ₦150 million 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.
Communication with the banks revealed that the fines would be debited directly from
their accounts with the apex bank.
The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali confirmed the development, noting 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 added.
She said the Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.
Governor Olayemi Cardoso, in his address at the Annual Bankers’ Dinner of the
Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned banks to
strictly adhere to cash distribution policies or face severe penalties.
The CBN urged all financial institutions to comply with its guidelines, warning that
further violations would attract swift and decisive sanctions.
