In a bid to ensure zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.<\/p>\n
Each bank was fined \u20a6150 million for non-compliance, in line with the CBN\u2019s cash distribution guidelines, following spot checks on their branches. <\/p>\n
According to a statement issued on tuesday by the apex bank, the enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.<\/p>\n
The statement informed that 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.<\/p>\n
It added that communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.<\/p>\n
The Acting Director of Corporate Communications of the bank, Hakama Sidi Ali, who confirmed the development, emphasized that ensuring seamless cash flow is paramount to maintaining public trust and economic stability.<\/p>\n
\u201cThe CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,\u201d she warned<\/p>\n
She submitted that the CBN\u2019s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. <\/p>\n
“The Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators\u2019 daily cumulative withdrawal limit of N1.2 million. She said<\/p>\n
It would be recalled that Governor Olayemi Cardoso, in his address at the Annual Bankers\u2019 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. <\/p>\n
The CBN boss underscored the CBN\u2019s commitment to maintaining a robust cash buffer to meet Nigerians\u2019 needs. <\/p>\n
\u201cOur focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,\u201d Cardoso said.<\/p>\n
The CBN urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a bid to ensure zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined \u20a6150 million for non-compliance, in line with the CBN\u2019s cash distribution guidelines, […]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=7198"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7198\/revisions"}],"predecessor-version":[{"id":7199,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7198\/revisions\/7199"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=7198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=7198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=7198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}