The Central Bank of Nigeria (CBN) has fined nine commercial banks ₦1.35 billion for failing to ensure adequate cash availability during the festive season. Each bank was fined ₦150 million after spot checks revealed violations of cash distribution guidelines.
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 will be deducted directly from the banks’ CBN accounts.
Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reiterated the CBN’s commitment to ensuring seamless cash flow. “This action underscores our zero-tolerance policy for cash flow disruptions, particularly during high-demand periods,” she stated.
The CBN also warned of further penalties for non-compliance and pledged intensified monitoring of cash distribution. It is working with security agencies to combat illegal cash sales and enforce withdrawal limits. Customers were encouraged to report ATM and cash withdrawal issues via designated channels.
This enforcement highlights the CBN’s priority to ensure uninterrupted customer access to cash.
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