CBN Imposes ₦150 Million Fines on Nine Banks for Inadequate ATM Cash Dispensing

The Central Bank of Nigeria (CBN) has recently imposed fines of ₦150 million each on nine Deposit Money Banks (DMBs) for their failure to dispense cash via Automated Teller Machines (ATMs) during the festive season. This enforcement action, announced on January 14, 2025, follows spot checks that revealed non-compliance with the CBN's cash distribution guidelines during a period characterized by high demand for cash.

The banks affected by this penalty 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 Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, these sanctions highlight the bank's commitment to ensuring "seamless cash flow," which is essential for maintaining public trust and economic stability. The total fines will amount to ₦1.35 billion, which will be directly debited from the accounts of the banks held with the CBN.

Furthermore, the CBN has made it clear that it will continue to monitor compliance with cash circulation policies. Ali stated that the regulator would not hesitate to impose further sanctions on any institution found violating these guidelines. The CBN is also intensifying efforts to address issues such as cash hoarding and rationing by Point-of-Sale (POS) operators, collaborating with security agencies to enforce regulations and ensure adequate cash availability.

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