The Central Bank of Nigeria has taken punitive action against nine major banks for their failure to provide adequate cash through their ATM networks during the recent Christmas and New Year period. Each bank has been fined N150 million, totaling N1.35 billion in penalties.
The affected institutions include prominent names in Nigeria’s banking sector:
- First Bank
- Union Bank
- Fidelity Bank Plc
- Zenith Bank Plc
- Globus Bank Plc
- Providus Bank Plc
- United Bank for Africa Plc
- Sterling Bank Plc
CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed in a statement issued in Abuja that the fines will be automatically debited from the banks’ accounts with the central bank. This action underscores the CBN’s commitment to ensuring banks comply with its cash distribution guidelines, particularly during high-demand periods like major holidays.
The penalties come as a response to the banks’ violation of the apex bank’s regulations regarding cash availability through their ATM networks, which likely caused inconvenience to customers during the festive season when cash demands typically surge.
This enforcement action by the CBN demonstrates the regulator’s determination to maintain strict oversight of banking operations and ensure financial institutions meet their obligations to the public, especially during peak periods.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.