The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine banks for failing to ensure sufficient cash availability at Automated Teller Machines (ATMs) during the 2024 festive season.
The affected banks are 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.
In a statement, the acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, said the penalty aligns with the apex bank’s commitment to promoting efficient cash circulation.
“Each bank was fined N150 million for failing to comply with the CBN’s cash distribution guidelines, especially during the yuletide season when demand for cash is traditionally high,” the statement read.
The fines were debited directly from the affected banks’ accounts with the CBN, underscoring the regulator’s zero-tolerance stance toward cash shortages at ATMs.
Sidi-Ali emphasized that the CBN had issued repeated warnings to banks about ensuring sufficient cash availability, particularly during peak demand periods. She warned that further non-compliance would attract additional sanctions.
This action by the CBN comes amid growing public complaints about ATM cash shortages, with many Nigerians struggling to access funds during the holidays.
The CBN’s move is widely seen as part of broader efforts to enforce banking discipline and ensure that citizens have seamless access to cash for their daily transactions.
CBN HQ Abuja Nigeria
