CBN Fines Banks N150m each for Failing to Dispense Cash via ATMs

By BONNY AMADI WITH AGENCY REPORTS

The Central Bank of Nigeria (CBN) has imposed sanctions on Deposit Money Banks (DMBs) for failing to dispense Naira notes through Automated Teller Machines (ATMs) during the yuletide season.

The banks were fined N150 million each for noncompliance with the CBN’s cash distribution guidelines, which were enforced through spot checks on their branches.

This move is part of the CBN’s efforts to ensure efficient cash distribution and prevent Naira abuse.

The bank had earlier warned DMBs to prioritise cash distribution through ATMs and implement internal controls for responsible disbursement and accountability.

According to Channels report, the affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA) and Sterling Bank.

The CBN will deduct the fines of N150 million from each affected bank’s account with the apex bank, according to the report. According to reports, the development was confirmed by Hakima Sidi Ali, the Acting Director of Corporate Communications at the CBN.

“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability,” the spokesperson said.

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”