CBN Fines Nine Banks ₦1.35bn Over ATM Cash Shortage During Yuletide
The Central Bank of Nigeria (CBN) has penalized nine Deposit Money Banks with fines amounting to ₦1.35 billion for failing to ensure adequate cash availability through Automated Teller Machines (ATMs) during the festive season. Each bank was fined ₦150 million following spot checks that revealed non-compliance with CBN’s cash distribution guidelines. The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank. The fines will be directly debited from the banks’ accounts with the CBN. In a statement, CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi, emphasized the apex bank’s commitment to preventing cash flow disruptions, especially during peak demand periods. The statement reaffirmed the CBN’s “zero-tolerance approach” towards cash rationing and hoarding, warning of further sanctions for future violations. The regulator also plans to intensify monitoring of cash availability at bank branches and Point-of-Sale terminals, in collaboration with security agencies to address illegal cash sales and ensure adherence to withdrawal limits. In earlier directives, the CBN urged customers to report ATM and cash withdrawal issues via dedicated state-specific channels starting December 1, 2024.
