CBN Fines Nine Banks N1.35 Billion for ATM Cash Shortages

CBN Fines Nine Banks N1.35 Billion for ATM Cash Shortages

The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks for failing to maintain adequate cash availability in their Automated Teller Machines (ATMs) during the holiday season.

 Each bank has been fined N150 million after inspections revealed non-compliance with the CBN’s cash distribution regulations.

The banks affected by this penalty 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. These fines will be deducted directly from the banks' accounts held with the CBN.

In a press release on Tuesday, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized the regulator's commitment to ensuring a steady supply of cash. She stated, "In a clear message of zero tolerance for cash flow disruptions, the CBN has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines during the yuletide season.