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CBN fines UBA, Zenith Bank, First Bank, 6 others for ATM cash hoarding during yuletide

Oluwatosin Adeyemi by Oluwatosin Adeyemi
January 16, 2025
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CBN imposes N600 ATM charge for every N20,000 withdrawal

CBN imposes N600 ATM charge for every N20,000 withdrawal

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Nine Deposit Money Banks have been fined a total of N1.35 billion by the Central Bank of Nigeria (CBN)for not making cash available through Automated Teller Machines during the yuletide.

Following spot checks that showed non-compliance with the apex bank’s cash distribution norms, each bank was fined N150 million.

First Bank Plc, Fidelity 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 are the affected financial institutions. The banks’ CBN accounts will be immediately debited for the penalty.

Read also: CBN targets foreign investments, restrict local transactions in new diaspora accounts

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Hakama Sidi, the CBN’s acting director of corporate communications, stressed the regulator’s dedication to guaranteeing smooth cash availability in a press release issued on Tuesday.

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.”

Additional sanctions for defaulting banks

Sidi-Ali stated that if any other financial institution violates CBN’s currency circulation criteria, additional sanctions will be taken without hesitation.

The enforcement action demonstrates the CBN’s zero-tolerance policy for cash flow interruptions, particularly when demand is high. All banks had been previously cautioned by the apex bank to adhere to cash distribution norms.

Read also: CBN orders immediate suspension of export proceeds repatriation extensions

The CBN has promised to step up its oversight of rationing and cash hoarding at POS terminals and bank branches. In order to combat illicit cash sales and guarantee that POS operators are adhering to the N1.2 million daily withdrawal cap, the regulator is working with security agencies.

In an attempt to guarantee proper cash circulation, the CBN announced plans in September 2024 to punish banks that do not disburse cash via ATMs.

The bank advised customers in November to use state-specific phone numbers and email addresses to report ATM and branch cash withdrawal problems beginning December 1, 2024.

The penalties highlight CBN’s resolve to put the interests of the customers first and guarantee continuous access to cash.

Tags: ATMCentral Bank of NigeriaPOS
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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