The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for not dispensing Naira notes through Automated Teller Machines (ATMs) during the festive season.
Each bank was fined ₦150 million for violating the CBN’s cash distribution guidelines, which were enforced through spot checks at their branches.
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, according to Channels TV.
This action forms part of the CBN’s measures to enhance efficient cash distribution and curb Naira abuse. The bank had earlier warned DMBs to prioritise ATM cash distribution while implementing internal controls to ensure responsible disbursement and accountability.
Hakima Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed that the penalties would be deducted directly from the accounts of the affected banks with the apex bank.
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“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability,”
Sidi Ali stated. “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”
The move underscores the CBN’s commitment to enforcing compliance among financial institutions and ensuring the availability of cash for public use.
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