Nine Deposit Money Banks (DMBs) have been fined a total of N1.35 billion for failing to adequately load their Automated Teller Machines (ATMs) during the Christmas period.
The Central Bank of Nigeria (CBN) imposed the fine, stating that each bank would pay N150 million for non-compliance with the regulator’s cash distribution guidelines following spot checks at their branches.
The banks affected by the sanction 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.
In a statement, the CBN emphasized that the fines had been enforced, and reaffirmed its commitment to ensuring smooth cash flow, especially during periods of high demand.
The fines will be debited directly from the affected banks’ accounts, the CBN confirmed.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, said: “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 also revealed that investigations are ongoing into cash hoarding and rationing by bank branches and Point-of-Sale (PoS) operators. Mrs. Ali added that the CBN is working with security agencies to address illegal cash sales and enforce the daily withdrawal limit of N1.2 million for PoS operators.
