THE CENTRAL Bank of Nigeria (CBN) has imposed sanctions on some Deposit Money Banks (DMBs) for failing to dispense naira notes through Automated Teller Machines (ATMs) during the yuletide season.
The banks were fined ₦150 million each for non-compliance 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 CBN had earlier warned DMBs to prioritise cash distribution through ATMs and implement internal controls for responsible disbursement and accountability.
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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, Channels TV reports.
The CBN will deduct the fines of ₦150 million from each affected bank’s account with the apex bank, according to the report. 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.”
