Full List: CBN Fines 9 Banks 150 Million Each For Not Dispensing Cash Via ATMs

• The Central Bank of Nigeria (CBN) has fined nine banks for failing to dispense cash via ATMs during the Christmas holidays
• The apex bank fined the banks N150 million each, saying that the fines would be deducted from their accounts
• The nine banks include First Bank, Zenith Bank, UBA, Globus Bank, Keystone Bank and others

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria (CBN) has sanctioned commercial banks for failing to dispense cash via their ATMs during Christmas, worsening cash scarcity.

Following checks on their branches, the apex bank sanctioned each bank N150 million for non-compliance with its cash distribution guidelines.

The list of sanctioned banks

The sanction follows several warnings from the apex bank to the banks to guarantee cash availability, especially in the Yuletide.

The sanctioned banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, UBA, and Sterling Bank.

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According to a BusinessDay report, the fines would be deducted directly from the bank’s CBN accounts.

CBN’s acting director of corporate communications, Hakama Sidi Ali, confirmed the fines, saying that ensuring uninterrupted cash flow is essential to maintaining public trust and economic stability.

CBN vows to enforce other sanctions

She said that CBN will continue to impose more sanctions on any financial institution violating its cash circulation rules.

According to her, the CBN’s checks and monitoring team will continue scrutinising cash hoarding and rationing at bank branches and PoS operators. 

She added that the apex bank works with security agencies to curb illegal activities and violations of cash hoarders.

CBN releases phone numbers to report banks

The CBN’s spokesperson said the bank will also enforce the PoS operators’ daily withdrawal limit of N1.2 million.

Legit.ng earlier reported that in December 2024, CBN released phone numbers of its designated branches nationwide so Nigerians could report banks not dispensing cash via ATMs.

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CBN governor Olayemi Cardoso warned banks to abide by its cash distribution policies or face penalties.

Cardoso said its focus remains on boosting trust, ensuring stability, and guaranteeing a hassle-free cash distribution in the financial system, asking banks to comply with its guidelines.

CBN refunds N7.05 billion, $714,000 to bank customers

Legit.ng earlier reported that CBN forced many commercial banks to refund N7.05 billion and $714.569 to bank customers in eight due to disputes in the system.

The eight-month recovery is part of the N1 billion illegally deducted from customers' accounts.

Findings show that many bank customers have reported unauthorised or fraudulent deductions by commercial banks in Nigeria, with customers accusing the banks of siphoning their funds.

Source: Legit.ng