Nine Deposit Money Banks have been fined a total of N1.35 billion by the Central Bank of Nigeria for neglecting to guarantee cash availability through automated teller machines throughout the holiday season.
Following spot checks that showed non-compliance with the apex bank’s cash distribution norms, each bank was fined N150 million.
First Bank Plc, Fidelity 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 are among the impacted financial institutions.
The banks’ CBN accounts will be immediately debited for the penalty.
In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability.
The statement read, “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.”
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