The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks include 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.

The fines will be directly debited from the banks’ accounts with the CBN.

In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability.

The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include 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.”

Sidi-Ali noted that CBN will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.

The apex bank had previously warned banks to comply with cash distribution policies.

The CBN has pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals.

The regulator was collaborating with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2m for POS operators.

Last September, the CBN announced plans to penalise banks failing to dispense cash via ATMs as part of efforts to ensure adequate cash circulation.

In November, the bank urged customers to report ATM and branch cash withdrawal issues starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The fines underline CBN’s determination to prioritise customer needs and ensure uninterrupted access to cash.

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damiloladuke:
all these fines, revenues and levys wey dey enter government coffers, e never reach for them to send my share?

Quinns:
Zenith can Neva have Money in their machine, like Neva.

erai30:
Ojoro! Ecobank is not on the list

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates.

We are our problem in this country.