CBN: Nine banks fined N150m each for hoarding ATM cash during yuletide

NAIRAMETRICS

The Central Bank of Nigeria (CBN) has imposed fines of N150 million each on nine Deposit Money Banks (DMBs) for failing to dispense cash via Automated Teller Machines (ATMs) during the festive season.

This enforcement action follows spot checks on branches, revealing non-compliance with CBN’s cash distribution guidelines.

The sanctioned banks are 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. The fines, totalling N1.35 billion, will be debited from the banks’ accounts with the apex bank.