ATM Cash Shortage: Nine Nigerian Banks Face CBN’s Wrath

ATM Cash Shortage: Nine Nigerian Banks Face CBN’s Wrath

The Central Bank of Nigeria (CBN) has fined nine Deposit Money Banks ₦150 million each for failing to provide adequate cash through their ATMs during the 2024 festive period, a time marked by high cash demand.

In a stTatement by Hakama Ali, the Acting Director of Corporate Communications, the fines underscore the bank’s commitment to ensuring public trust and economic stability.….READ MORE 

Among the sanctioned banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, Zenith Bank, UBA, and others. The penalties were deducted directly from their CBN accounts as part of broader efforts to address cash shortages and enforce compliance with cash distribution policies.

The CBN also noted its ongoing investigations into cash hoarding and rationing practices, particularly among POS operators, with a warning of stricter penalties for future violations.

Governor Olayemi Cardoso reaffirmed the CBN’s resolve to prioritize customer trust and operational efficiency, emphasizing the importance of seamless cash flow, especially during critical periods.