Breaking: CBN Fines First Bank, Fidelity, Seven Others N150m Each For ATM Cash Scarcity

The New Diplomat
Writer

Ad

Surprise as Tinubu Overturns NTA shake-up, reinstates Abdullah Dembos, Ayo Adewuyi

By Obinna Uballa President Bola Tinubu has reversed recent leadership changes at the Nigerian Television Authority (NTA), ordering the reinstatement of Director-General Salihu Abdullahi Dembos and Executive Director of News Ayo Adewuyi, triggering surprises in the Broadcast industry. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the directive in a…

Chatham House Rebuts Tinubu, Says Corruption Still Crippling Nigeria’s Growth

By Obinna Uballa United Kingdom based policy institute, Chatham House, has countered President Bola Tinubu’s recent claim that his administration has eradicated corruption in Nigeria, asserting that the vice remains deeply entrenched and continues to undermine the country’s economic growth and governance structures. In a new report authored by Dr. Leena Hoffmann, Associate Fellow of…

Ranked: Top Sources of Billionaire Wealth by Industry

Key Takeaways Forbes found finance and investments leads the top sources of billionaire wealth (464 billionaires) in 2025. Technology is the second-most common sector for billionaires (401), adding 59 new names since 2024. The world’s ultra-rich aren’t evenly spread across either the globe or the economy. Instead, their fortunes tend to cluster in a handful of high-growth, high-margin industries. This…

Ad

By Kolawole Ojebisi

The Central Bank of Nigeria(CBN) has make good its threat to sanction any bank that fails to comply with its cash distribution guidelines.

This is as the apex bank has issued fines totalling N1.35bn against nine Deposit Money Banks for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks 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, and Sterling Bank Plc.

The fines will be directly debited from the banks’ accounts with the CBN.

In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability.

The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks 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, and Sterling Bank Plc.”

Sidi-Ali noted that CBN will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.

The apex bank had previously warned banks to comply with cash distribution policies.

The CBN has pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals.

The regulator was collaborating with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2m for POS operators.

Recall that in September, the CBN announced plans to penalise banks failing to dispense cash via ATMs as part of efforts to ensure adequate cash circulation.

In November, the bank urged customers to report ATM and branch cash withdrawal issues starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The fines underline CBN’s determination to prioritise customer needs and ensure uninterrupted access to cash.

Ad

X whatsapp