The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks, including United Bank for Africa (UBA) and Sterling Bank, with fines totalling N1.35 billion for failing to ensure cash availability via Automated Teller Machines (ATMs) during the festive season.
Each of the affected banks was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The other banks affected include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, and Zenith Bank Plc.
The CBN emphasized its commitment to ensuring seamless cash availability, stating that it will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines. The regulator has also pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals.
In November, the CBN urged customers to report ATM and branch cash withdrawal issues, and has collaborated with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2 million for POS operators.
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