The Central Bank of Nigeria (CBN) has penalized nine commercial banks for failing to ensure the availability of Naira notes in their ATMs during the holiday season.
Each bank received a fine of ₦150 million for not adhering to cash distribution guidelines after CBN inspections.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank.
The fines were deducted directly from the banks’ accounts at the central bank.
The CBN stated that consistent cash availability is crucial for public trust and economic stability.
It warned that additional penalties would be imposed on institutions that violate its policies.
Investigations and monitoring of cash distribution by banks and Point-of-Sale (POS) operators are ongoing.
The Central Bank is also working with security agencies to address illegal cash sales and ensure compliance with withdrawal limits for POS operators, which is capped at ₦1.2 million daily.
Good step by the CBN. These banks are something else and just been unecesarry wicked
The banks should be well sanctioned, because is Really affecting the people negatively, how can you to the ATM machines to make withdrawal of your money, only to find out that is not dispensing in several occasions, then if you to POS to withdraw, the charges will be unbearable, you will end up being frustrated and disappointed with your money oo in the bank, and this POS vendors are really milking the people after they most have used like 10 ATM cards to make withdrawals those banks, nothing will be left for other people to withdraw, then you as an individual will have no choice to pay whatever amount they asked you to pay from the POS vendors before collecting your money you worked and laboured for, this is really disheartening, CBN should really look at this issue oooo, because is not longer funny.
Very good
That’s a good development, l hope these banks will not start illegal deductions from our account to defre this fine imposed on them.
Am glad about this development. I wish there would be a follow up….
Meanwhile, zenith Bank in dutse had cash all through the holidays til date. . The cash officer and the mgt team at zenith Bank Dutse did us well… Please keep up the good work
Kudos!!