CBN fines UBA, Zenith Bank, Fidelity bank, First bank, five others, N1.35b for hoarding cash at Christmas

The Central Bank of Nigeria has sanctioned over 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.

According to a press released on Tuesday, signed by the Acting Director of Corporate Communications in CBN, Mrs Hakama Sidi Ali, the affected nine Banks were fined N150millon each, totalling N1.35 billion.

The sanctioned banks include, UBA, Zenith Bank, Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc and Sterling Bank Plc.

The apex bank said it sanctioned the banks following spot checks that revealed non-compliance with CBN’s cash distribution guidelines, despite repeated warnings.

The fines will be directly debited from the banks’ accounts with the CBN and 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.”

Leave a Reply

Your email address will not be published. Required fields are marked *