CBN fines nine banks N1.35bn for scarcity in their ATM

The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Following spot checks that showed non-compliance with the apex bank’s cash distribution norms, each bank was fined N150 million.

First Bank Plc, Fidelity 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 are among the impacted financial institutions.

The banks’ CBN accounts will be immediately debited for the penalty.

Mrs. Hakama Sidi, the CBN’s interim director of corporate communications, emphasized the regulator’s dedication to guaranteeing smooth cash availability in a press release issued on Tuesday.

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.