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The Central Bank of Nigeria (CBN) has imposed penalties on nine commercial banks for failing to provide adequate Naira notes through their automated teller machines (ATMs) during the festive period.
This move underscores the apex bank’s commitment to preventing disruptions in cash flow.
Each bank has been fined ₦150 million for breaching CBN’s cash distribution regulations. The fines followed spot checks conducted on bank branches to assess compliance.
The affected institutions include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.
The penalties will be deducted directly from their accounts with the CBN.
Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the enforcement action.
“Ensuring seamless cash flow is essential for maintaining public trust and economic stability,” she said, adding that additional sanctions would be imposed on any institution found flouting cash circulation rules.
The CBN has ramped up investigations to address cash hoarding and irregularities at bank branches and Point-of-Sale (POS) outlets.
Collaborating with security agencies, the regulator aims to curb illegal cash sales and enforce POS operators’ withdrawal limits of ₦1.2 million per day.
Governor Olayemi Cardoso previously emphasized the importance of adherence to cash distribution policies during the Chartered Institute of Bankers of Nigeria’s Annual Bankers’ Dinner in November 2024.
He reiterated the CBN’s focus on fostering trust, economic stability, and a reliable cash supply system, warning that further violations would not be tolerated.
The CBN has called on all financial institutions to strictly comply with its cash handling guidelines, reiterating that non-compliance will attract swift punitive measures.