A combined photo of UBA, Union Bank, First Bank logos
By Akeem Atoyebi
The Central Bank of Nigeria (CBN) has fined 9 Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the festive season.
The N150 million fine is for non-compliance of the CBN’s cash distribution guideline.
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.
The fines would be debited directly from their accounts with the apex bank.
The Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali stated thus:
“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.
“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”
