By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.
A statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, said this is a clear message of zero tolerance for cash flow disruptions.
The affected banks are 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.
Sidi-Ali said that each of the banks was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.
She said that the enforcement action followed repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.
“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 added.
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