Abuja, Jan. 15, 2025 – The Central Bank of Nigeria (CBN) has imposed N150 million each on 9 banks for their failure to make naira notes available through Automated Teller Machines (ATMs) during the yuletide and New Year holidays.
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.
It said the affected banks failed to comply with its cash distribution guidelines during the period.
The apex bank said the infringements were detected following spot checks on their branches.
It said the enforcement action followed repeated warnings to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
Hakama Sidi Ali, the Acting CBN Director of Corporate Communications, confirmed the development.
She said: “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,” she said.
The CBN urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions. (GBN)
