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The Central Bank of Nigeria (CBN) imposed ₦150 million fines on nine banks for failing to ensure ATM cash availability during the 2024 festive season. The penalties follow CBN’s commitment to economic stability, cash flow compliance, and enforcement against violations, ensuring Nigerians’ seamless access to cash amid high demand periods.

In a decisive move to enforce cash flow compliance, the Central Bank of Nigeria (CBN) has fined nine commercial banks ₦150 million each for failing to ensure cash availability at ATMs during the 2024 festive season.

Spot checks by the CBN revealed that the banks, including Fidelity Bank, Zenith Bank, United Bank for Africa, and others, did not comply with cash distribution guidelines. This enforcement aims to address disruptions that have frustrated Nigerians, especially during periods of high demand.

Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, confirmed the penalties and emphasized the bank’s commitment to public trust and economic stability. “The CBN will not hesitate to impose further sanctions on institutions violating cash circulation rules,” she stated.

The sanctions follow repeated warnings from the apex bank and align with Governor Olayemi Cardoso’s earlier remarks about strict adherence to cash policies. Speaking at the Annual Bankers’ Dinner in November 2024, Cardoso underscored the need for a robust cash buffer to support Nigerians’ needs.

The CBN also announced intensified monitoring of bank branches and Point-of-Sale (POS) operators to prevent cash hoarding and illegal sales. Security agencies have been engaged to enforce withdrawal limits and tackle operational violations.

The central bank has reaffirmed its commitment to ensuring seamless cash circulation and warned of severe consequences for future non-compliance. This crackdown sends a strong message to financial institutions about the importance of adhering to regulations to maintain public confidence and economic stability.