Nine Deposit Money Banks (DMBs) were sanctioned by the Central Bank of Nigeria (CBN) for neglecting to provide Naira notes via automated teller machines (ATMs) during the Yuletide season. Following spot checks on its branches, each bank was fined N150 million for non-compliance with the CBN’s cash distribution standards, sending a strong message that cash flow disruptions would not be tolerated, the bank said in a statement on Tuesday.
The enforcement move comes after the CBN repeatedly cautioned banking institutions to ensure smooth cash availability, especially during times of high demand.
First Bank Plc, Fidelity 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 are among the impacted financial institutions.
