CBN Sanctions Banks Over Cash Dispensing

For failing to ensure the availability of Naira notes in their ATMs during the holiday season, the Central Bank of Nigeria (CBN) has penalized nine commercial banks.

According to reports, the affected banks received a fine of N150 million each for not adhering to cash distribution guidelines after CBN inspections which include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank.

The CBN stated that consistent cash availability is crucial for public trust and economic stability.

It warned that additional penalties would be imposed on institutions that violate its policies.

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Investigations and monitoring of cash distribution by banks and Point-of-Sale (POS) operators are ongoing.

The Central Bank is also working with security agencies to address illegal cash sales and ensure compliance with withdrawal limits for POS operators, which is capped at N1.2 million daily.

Reports further revealed that the fines were deducted directly from the banks’ accounts at the central bank.