The Central Bank of Nigeria (CBN) has imposed sanctions on nine Deposit Money Banks (DMBs) for failing to dispense Naira notes through their Automated Teller Machines (ATMs) during the yuletide season.

In a statement by Hakama Sidi-Ali, Director of the Corporate Communications Department, the CBN confirmed that Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank were each fined ₦150 million for non-compliance with cash distribution guidelines.

The enforcement follows spot checks conducted on the banks’ branches and repeated warnings from the CBN to ensure seamless cash availability, particularly during periods of high demand.

Sidi-Ali emphasized:
“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.”

The apex bank also announced plans to directly debit the fines from the affected banks’ accounts while reiterating its commitment to monitoring cash hoarding and rationing at bank branches and Point-of-Sale (POS) outlets.

Additionally, the CBN revealed ongoing collaboration with security agencies to address illegal cash sales and enforce the daily cumulative withdrawal limit of ₦1.2 million for POS operators.

CBN Governor Yemi Cardoso, in a prior address at the 2024 Annual Bankers’ Dinner, had warned financial institutions to strictly adhere to cash distribution policies or face penalties, underscoring the importance of maintaining trust and stability in the financial system.