The Central Bank of Nigeria (CBN) has reportedly fined nine Nigerian commercial banks a total of N1.35 billion for failing to provide cash through ATMs during the Christmas festive.
Earlier in December 2024, the CBN had given order that customers should report banks that did not dispense cash in their ATMs, and gave .
Each bank was penalized N150 million for breaching cash distribution guidelines.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, UBA, and Sterling Bank. The fines will be directly deducted from their accounts with the CBN.
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CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi, reaffirmed the regulator’s commitment to ensuring seamless cash availability and enforcing compliance.
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.”
The CBN has also intensified monitoring of cash hoarding and illegal sales while urging customers to report ATM issues.
