The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks (DMBs) for failing to ensure adequate availability of Naira notes through Automated Teller Machines (ATMs) during the yuletide season.
The banks were fined N150 million each, totaling N1.35 billion for non-compliance with the CBN’s cash distribution guidelines following spot checks conducted at their branches.
A statement from the CBN confirmed the enforcement action, stressing the apex bank’s commitment to guaranteeing seamless cash flow, particularly during periods of high demand.
The apex bank revealed that the fines would be debited directly from the affected banks’ accounts.
The Acting Director, Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, stated that ensuring seamless cash flow is paramount to maintaining public trust and economic stability, as such the CBN will impose further sanctions on any institution found violating its cash circulation guidelines.
The CBN also announced ongoing investigations into cash hoarding and rationing by bank branches and Point-of-Sale (POS) operators.
Ali said the bank was collaborating with security agencies to address illegal cash sales and enforce the POS operators’ daily cumulative withdrawal limit of ₦1.2 million.
