The Central Bank of Nigeria (CBN) has fined Deposit Money Banks (DMBs) ₦150 million for failing to make Naira notes available through ATMs during the holiday season. The action follows repeated warnings from the CBN to financial institutions regarding cash distribution guidelines.
“By ensuring seamless cash flow is paramount to maintaining public trust and economic stability,” Mrs. Hakama Sidi Ali said that the CBN’s Acting Director of Corporate Communications also confirmed the development. “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she added.
The CBN’s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. The Central Bank is collaborating with security agencies to crack down on illegal cash sales and operational violations, including enforcing the N1.2 million daily cumulative withdrawal limit for POS operators.
In his speech at the Chartered Institute of Bankers of Nigeria’s (CIBN) Annual Bankers’ Dinner in November 2024, Governor Olayemi Cardoso warned banks to strictly adhere to cash distribution policies or face severe penalties.
He emphasised the CBN’s commitment to maintaining a robust cash buffer to meet Nigerians’ needs. “Our focus remains on fostering trust, ensuring stability, and ensuring seamless cash circulation across the financial system,” Cardoso said.
