The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs) during the festive season.
Each bank was fined ₦150 million for non-compliance, following spot checks on their branches.
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
- Sterling Bank Plc
The fines will be directly debited from the banks’ accounts with the CBN. Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, confirmed the development and emphasized the regulator’s commitment to ensuring seamless cash availability.
The CBN will continue to monitor cash hoarding and rationing at bank branches and Point-of-Sale (POS) terminals.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.