The Central Bank of Nigeria (CBN) has imposed a fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to make naira notes available through Automated Teller Machines (ATMs) during the Yuletide season.
Each bank was fined ₦150 million 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.
Circulated notice to the banks revealed that the fines would be debited directly from their accounts with the apex bank. Governor Olayemi Cardoso, in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned banks to strictly adhere to cash distribution policies or face severe penalties.
