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Home Economy Finance

Why CBN Imposes ₦150m Fines Each on Nine Banks

by Destiny Eseaga
January 16, 2025
in Finance
1
UBA
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The Central Bank of Nigeria (CBN) has imposed substantial fines on nine Deposit Money Banks (DMBs) for failing to provide Naira notes through automated teller machines (ATMs) during the holiday season.

This action, according to the apex bank, will send a clear message regarding its strict policy against disruptions in cash flow.

Each bank was fined ₦150 million for non-compliance with the CBN’s cash distribution guidelines, which was determined following spot checks on their branches.

This enforcement action comes after the CBN issued repeated warnings to financial institutions, emphasizing the need to ensure seamless cash availability, especially during times 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.

Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.

The Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali confirmed the development, noting that “Ensuring seamless cash flow is paramount to 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 stated.

The CBN’s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators.

The Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

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.

He underscored the CBN’s commitment to maintaining a robust cash buffer to meet Nigerians’ needs. “Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso said.

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

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Author

  • Destiny Eseaga

    My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

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Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

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  1. Pingback: Exclusive: CBN Battles to Resolve ‘Cashless ATMs’ as PoS ‘Epidemic’ Hits the Financial Sector

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