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The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks (DMBs) ₦150 million each.
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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.
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The CBN warned that further violations would attract swift and decisive sanctions.
The Central Bank of Nigeria (CBN) has imposed a fine of ₦150 million each on nine Deposit Money Banks (DMBs) for failing to ensure seamless cash availability through Automated Teller Machines (ATMs) during the yuletide season.
According to the CBN, the fines would be debited directly from the banks’ accounts with the apex bank.
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.
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Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized the importance of seamless cash flow, stating, “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 CBN’s enforcement action follows repeated warnings to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
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Governor Olayemi Cardoso had previously cautioned banks to strictly adhere to cash distribution policies or face severe penalties.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso said.
The CBN urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.
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