CBN Fines Nine Banks N1.35 Billion for ATM Cash Availability Failures
In line with its commitment to ensuring seamless cash circulation across financial institutions and cracking down on illegal cash sales and operational violations, the Central Bank of Nigeria (CBN) has imposed a total fine of N1.35 billion on nine banks for failing to make Naira notes available through Automated Teller Machines (ATMs) during the 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. Each bank has been fined N150 million for non-compliance with the CBN’s cash distribution guidelines, following investigations into their operations.
The CBN had repeatedly warned financial institutions to ensure cash availability, especially during high-demand periods. Governor Olayemi Cardoso, during the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, emphasized the importance of adhering strictly to cash distribution policies. He stressed that violations would attract severe penalties and reiterated the CBN’s commitment to maintaining a robust cash buffer to meet the needs of Nigerians.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso said, while warning that any failure to comply would result in swift and stringent penalties.
This action underscores the CBN’s continued vigilance in safeguarding the financial system and ensuring reliable cash access for all Nigerians.