Nigeria’s Central Bank has imposed fines totalling N1.35bn on nine Deposit Money Banks for failing to ensure cash availability through Automated Teller Machines (ATMs) during the festive season. Each bank was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank. The fines will be directly debited from the banks’ accounts with the Central Bank.
The Central Bank emphasized its commitment to ensuring seamless cash availability, stating that it will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.
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