FULL LIST: CBN Fines 9 Banks ₦1.35 Billion for Failing to Dispense Cash via ATMs During Festive Season

The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks (DMBs) a total of ₦1.35 billion for failing to provide naira notes through automated teller machines (ATMs) during the busy Yuletide season. Each of the nine banks was slapped with a ₦150 million penalty for non-compliance with the CBN’s cash distribution guidelines. The fines come after the CBN conducted spot checks on the banks’ branches and found that cash availability was not being managed properly.

The banks fined 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 deducted directly from the banks’ accounts with the CBN.

Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the sanctions and emphasized that further penalties will be imposed on any financial institution that continues to violate cash circulation guidelines. She added that the CBN would continue monitoring and investigating cases of cash hoarding and rationing, including by Point-of-Sale (POS) operators.

The CBN has also partnered with security agencies to clamp down on illegal cash sales and other violations, ensuring that POS operators adhere to the daily cumulative withdrawal limit of ₦1.2 million. In a speech delivered at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, CBN Governor Olayemi Cardoso had warned banks to strictly follow cash distribution policies or face severe sanctions. He reiterated the bank’s commitment to ensuring a stable and efficient cash circulation system in the country.

The CBN’s message to financial institutions is clear: further violations will not be tolerated, and any bank found breaching the guidelines will face swift and decisive action.