Politics
List Of Banks Penalized By CBN For ATM Naira Shortages
The Central Bank of Nigeria (CBN) has imposed a fine of ₦1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure the availability of naira notes at automated teller machines (ATMs) during the holiday season.....KINDLY READ THE FULL STORY HERE▶
Each bank has been fined ₦150 million for non-compliance with CBN’s cash distribution regulations, following inspections conducted at their branches.
This enforcement action comes after the CBN issued multiple warnings to financial institutions to maintain uninterrupted cash availability, especially during periods of high demand.
The banks facing these penalties 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
- Sterling Bank Plc.
According to Daily Trust, the fines will be directly deducted from the banks’ accounts held with the central bank.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, confirmed the development to journalists on Tuesday, stating, “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines.”
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