The Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.
The banks have been fined a total of N1.35 billion for their non-compliance. Each of the banks received a fine of N150 million.
The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank. Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.
A press release issued on Tuesday by Mrs Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“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.”
Spotted an error? Read our Corrections Policy or tell the editors.
Got a story or a tip? Contact Leading Reporters. We protect our sources.
