The Central Bank of Nigeria (CBN) has imposed a total fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through automated teller machines (ATMs) during the yuletide season. The fines, amounting to N150 million each for each bank, were levied for non-compliance with the CBN’s cash distribution guidelines.
Following spot checks on the affected banks’ branches, the CBN determined that they had failed to meet the requirements of providing sufficient cash for customers during a peak period of high demand. The fine serves as a corrective measure to ensure that such disruptions do not occur in the future.
In a statement, Mrs. Hakama SidiAli, the CBN’s acting Director of Corporate Communications, emphasized that maintaining a seamless cash flow is crucial for sustaining public trust and ensuring economic stability. The central bank’s action underscores its commitment to holding financial institutions accountable for ensuring reliable banking services across the country.
