The Central Financial institution of Nigeria (CBN) has sanctioned 9 Deposit Cash Banks (DMBs) with a cumulative wonderful of ₦1.35 billion for failing to dispense naira notes via Automated Teller Machines (ATMs) through the Yuletide interval.
Every of the banks was fined ₦150 million for violating the CBN’s money distribution tips. The penalties adopted spot checks carried out at numerous branches of the affected banks, revealing their non-compliance.
The sanctioned banks embody Constancy Financial institution Plc, First Financial institution Plc, Keystone Financial institution Plc, Union Financial institution Plc, Globus Financial institution Plc, Providus Financial institution Plc, Zenith Financial institution Plc, United Financial institution for Africa Plc, and Sterling Financial institution Plc.
Confirming the event, the performing Director of Company Communications on the CBN, Mrs. Hakama Sidi Ali, acknowledged that the fines could be straight debited from the accounts of the defaulting banks with the apex financial institution.
“The CBN is not going to hesitate to impose additional sanctions on any establishment discovered violating its money circulation tips,” she mentioned.
Mrs. Ali emphasised that the CBN’s monitoring efforts would proceed, with investigations aimed toward exposing money hoarding and rationing practices at financial institution branches and by Level-of-Sale (POS) operators.
“The Central Financial institution is working with safety companies to crack down on unlawful money gross sales and operational violations, together with implementing the every day cumulative withdrawal restrict of ₦1.2 million for POS operators,” she added.
The enforcement motion got here on the heels of repeated warnings from the CBN to monetary establishments to make sure seamless money availability, notably during times of excessive demand.
LEADERSHIP reviews that CBN Governor, Olayemi Cardoso, had earlier cautioned banks to stick strictly to money distribution insurance policies or face stringent penalties. Talking on the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, he reaffirmed the CBN’s dedication to making sure environment friendly money circulation throughout the monetary system.
“Our focus stays on fostering belief, guaranteeing stability, and guaranteeing seamless money circulation throughout the monetary system,” Cardoso acknowledged.
Content material Author/Digital Journalist
I’m a devoted reporter at Management Newspaper, the place I deliver a eager eye for element and a ardour for storytelling to a various vary of subjects, together with enterprise, sports activities, politics, and worldwide affairs. My work goals to supply readers with correct, well timed, and fascinating reviews that break down the complexities of present occasions.
From overlaying high-profile political shifts and court docket instances to exploring the newest in financial developments and sporting occasions, I try to supply insightful and complete protection. My tales embody in-depth analyses of financial developments, detailed political reviews, and human curiosity items that spotlight important world and native occasions.
I’m dedicated to delivering information that informs and fosters a deeper understanding of the problems shaping our world. My purpose is to interact readers with well-researched and thought-provoking content material
