Nigeria Today Magazine News CBN fines nine banks N150m each for ATM cash scarcity

CBN fines nine banks N150m each for ATM cash scarcity


CBN Governor, Yemi Cardoso

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The Central Bank of Nigeria (CBN) has penalized nine Deposit Money Banks for failing to ensure cash availability through Automated Teller Machines (ATMs) during the festive season. The apex bank imposed fines totaling N1.35 billion, with each bank fined N150 million for non-compliance with its cash distribution guidelines.

The banks affected included 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. The fines were debited directly from their accounts with the CBN.

According to Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, the regulator remains steadfast in ensuring smooth cash availability. She reaffirmed the bank’s zero tolerance for disruptions, emphasizing that further sanctions would follow any violations of cash circulation guidelines.

This enforcement action comes after repeated warnings to financial institutions and reflects the CBN’s commitment to addressing cash scarcity. The regulator also pledged to enhance monitoring and collaborate with security agencies to tackle illegal cash sales and enforce daily withdrawal limits.

The CBN’s measures underscore its dedication to prioritizing customer needs and ensuring uninterrupted cash access.

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