The Central Bank of Nigeria, CBN, has imposed fines totaling ₦1.35 billion on nine Deposit Money Banks for failing to ensure the availability of naira notes via automated teller machines, ATMs, during the festive period.
Each bank faces a penalty of ₦150 million for breaching the CBN’s cash distribution guidelines, following inspections conducted at their branches.
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The punitive measures come after repeated warnings from the apex bank urging financial institutions to guarantee smooth cash availability, particularly during periods of heightened demand.
The fines will be deducted directly from the banks’ accounts with the CBN. Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said that the central bank’s monitoring efforts would continue, targeting cash hoarding and rationing at bank branches and by Point-of-Sale, POS, operators.
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