The Central Bank of Nigeria (CBN) has imposed fines of ₦150 million each on nine deposit money banks for failing to dispense cash through their Automated Teller Machines (ATMs) during the 2024 yuletide season. This amounts to a total penalty of ₦1.35 billion.
The affected banks include First Bank, Keystone Bank, Globus Bank, Providus Bank, Sterling Bank, and four others.
Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed the development, emphasizing the importance of seamless cash flow for maintaining public trust and economic stability.
“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.
The CBN also announced its ongoing efforts to monitor cash hoarding and rationing by banks and Point-of-Sale (POS) operators. It warned of strict enforcement of the daily cumulative withdrawal limit of ₦1.2 million for POS operators and pledged to collaborate with security agencies to curb illegal cash sales and operational violations.
CBN Governor Olayemi Cardoso, in his address at the November 2024 Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN), reiterated the importance of adhering to cash distribution policies. He warned that banks failing to meet these obligations would face severe consequences.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso stated.
The CBN urged all financial institutions to comply with its cash management guidelines and warned that further violations would attract swift and decisive penalties.
