CBN Slams N1.35 Billion Fine On Fidelity Bank, Zenith Bank, First Bank, UBA, Five Others For Hoarding Cash At Yuletide
The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks(DMB) who failed to dispense cash from their Automated Teller Machines(ATM) during the Christmas and new year period in 2024.
The Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, said the affected nine Banks were fined N150millon each, totalling N1.35 billion.
The sanctioned 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.
The apex bank said it sanctioned the banks following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines and after after repeated warnings.
The fines will be directly debited from the banks’ accounts with the CBN.The CBN, in the statement, emphasised the regulator’s commitment to ensuring seamless cash availability.
The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.
”The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods 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.”
