The Central Bank of Nigeria, CBN, says it has sanctioned some Deposit Money Banks, DMBs, for failing to make Naira notes available through automated teller machines, ATMs, during the yuletide season.
According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions.
The affected 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 CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.
She said the CBN’s investigations and monitoring would continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators.
She added that the CBN was working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.
She urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.
The News Agency of Nigeria reports that the CBN Governor, Yemi Cardoso, had earlier warned banks to strictly adhere to cash distribution policies or face severe penalties.
Mr Cardoso gave the warning in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in November, 2024.
He underscored the apex bank’s commitment to maintaining a robust cash buffer to meet the need of Nigerians.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso had said.
● By NAN.
