The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide.
Each bank was fined ₦150 million 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.
Communication with the commercial banks revealed that the fines would be debited directly from their accounts with the apex bank.
