The Central Bank of Nigeria (CBN) has imposed fines of N1.35 billion on nine Deposit Money Banks (DMBs).
The banks were said to have failed to ensure adequate availability of Naira notes through Automated Teller Machines (ATMs) during the yuletide season.
The banks were fined N150 million for non-compliance with the CBN’s cash distribution guidelines following spot checks conducted at their branches.
A statement from the CBN’s Acting Director, Corporate Communications at the CBN, Mrs. Hakama Sidi Ali confirmed the enforcement action, stressing the apex bank’s commitment to guaranteeing seamless cash flow, particularly during periods of high demand. The apex bank revealed that the fines would be debited directly from the affected banks’ accounts.
Sidi Ali, stated: “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 CBN also announced ongoing investigations into cash hoarding and rationing by bank branches and Point-of-Sale (POS) operators.
Ali said the CBN was collaborating with security agencies to address illegal cash sales and enforce the POS operators’ daily cumulative withdrawal limit of ₦1.2 million.
Governor Olayemi Cardoso, at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned financial institutions to strictly adhere to cash distribution policies or face severe penalties.
He reiterated the CBN’s commitment to maintaining trust, stability, and efficient cash circulation within the financial system.
