The Central Bank of Nigeria (CBN) has taken decisive action against Deposit Money Banks (DMBs) for failing to comply with its cash distribution guidelines during the yuletide season. Each bank was fined ₦150 million for not ensuring sufficient Naira availability through automated teller machines (ATMs).
The enforcement followed spot checks by the CBN on various bank branches, aimed at assessing compliance with its directives to maintain seamless cash flow during periods of high demand. The sanctioned 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.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, confirmed the development, emphasizing the importance of maintaining public trust and economic stability. “Ensuring seamless cash flow is paramount,” she stated. “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”
The fines, as disclosed, will be directly debited from the respective accounts of the affected banks held with the CBN.
This enforcement underscores the apex bank’s commitment to ensuring Nigerians have uninterrupted access to cash, especially during critical periods like the festive season. The CBN has repeatedly warned financial institutions to guarantee smooth cash availability and has reiterated its readiness to impose swift and decisive sanctions for non-compliance.
The public is urged to report any further disruptions in cash flow to the CBN to help uphold accountability and service excellence within the banking sector.
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