Zenith, UBA, Sterling, Other Banks Slammed N1.35bn Fine for Failing to Dispense Cash via ATMs


The Central Bank of Nigeria (CBN) has imposed a total fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to provide naira notes through Automated Teller Machines (ATMs) during the 2024 Yuletide season.  

Each bank was fined N150 million for non-compliance with the CBN's cash distribution guidelines. 

This action followed spot checks on bank branches, revealing the violations, despite repeated warnings to ensure seamless cash availability, especially during periods of high demand.  

The penalized 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 their accounts with the apex bank.  

Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, confirmed the fines, emphasizing the importance of cash availability in maintaining public trust and economic stability. 

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” Ali stated.  

The CBN’s investigations also aim to curb cash hoarding and rationing by banks and Point-of-Sale (POS) operators. 

The regulator is collaborating with security agencies to crack down on illegal cash sales and enforce POS operators' daily withdrawal limit of N1.2 million.  

Olayemi Cardoso, Governor of the CBN, reiterated the apex bank’s commitment to enforcing compliance during the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner in November 2024. 

He warned banks to adhere to cash distribution policies or face severe penalties, stating, 

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardozo stated.

The CBN urged all financial institutions to comply with its guidelines, warning that further violations will attract swift and decisive penalties.


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