The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine Deposit Money Banks (DMBs) for failing to dispense Naira notes through Automated Teller Machines (ATMs) during the festive season. Each bank—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—was fined ₦150 million for not adhering to the CBN's cash distribution guidelines, which were monitored through spot checks at their branches.
This action is part of the CBN's efforts to ensure efficient cash distribution and prevent the misuse of the Naira. The bank had previously instructed DMBs to prioritize cash availability through ATMs and establish internal controls for proper disbursement and accountability.
The fines will be deducted directly from the affected banks' accounts with the CBN, as confirmed by Hakima Sidi Ali, the Acting Director of Corporate Communications at the CBN.
She emphasized the importance of maintaining smooth cash flow to uphold public trust and economic stability, warning that further sanctions will be imposed on institutions that violate cash circulation guidelines.
