The Central Bank of Nigeria (CBN) has fined nine banks N1.35 billion for failing to ensure cash availability through automated teller machines (ATMs) during the festive season. Each bank was fined N150 million following spot checks that revealed non-compliance with the CBN’s cash distribution guidelines. Affected banks include Fidelity Bank, First Bank, and Keystone Bank. The CBN emphasized its zero-tolerance approach to cash flow disruptions, warning financial institutions of further sanctions for similar violations.
The CBN also stated its commitment to monitoring cash hoarding and rationing at bank branches and Point-of-Sale (POS) operators. Collaborating with security agencies, the apex bank is cracking down on illegal cash sales and enforcing POS operators’ daily withdrawal limits of N1.2 million. Governor Olayemi Cardoso reiterated the importance of maintaining public trust and stability in the financial system, urging banks to strictly adhere to cash distribution policies to avoid penalties.
Meanwhile, the CBN clarified the continued validity of old N1000, N500, and N200 banknotes, countering claims of their expiration by December 31, 2024. A Supreme Court ruling allows the concurrent use of old and redesigned notes indefinitely. The bank urged Nigerians to accept all denominations for transactions and disregard misinformation, highlighting the importance of handling cash responsibly to ensure durability.