CBN Fines Nine Banks ₦150 Million Each for Cash Shortages During Yuletide

The Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on nine Deposit Money Banks (DMBs) for failing to supply cash through their automated teller machines (ATMs) during the festive season.

The sanctioned banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

The fines will be directly deducted from their accounts with the CBN.

This enforcement follows spot checks and repeated warnings from the apex bank, urging banks to ensure uninterrupted cash availability, especially during high-demand periods.

CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, confirmed the sanctions, stating, “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.”

The CBN has intensified monitoring to curb cash hoarding and enforce compliance, including cracking down on Point-of-Sale (POS) operators who exceed the daily withdrawal limit of ₦1.2 million.

Governor Olayemi Cardoso had earlier warned at the 2024 Annual Bankers’ Dinner that banks failing to comply with cash distribution policies would face severe consequences.

The CBN reiterated its commitment to ensuring stable cash circulation and warned that further violations would attract stricter penalties.