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    Prosecutors demand six-year prison sentence for Simon Ekpa

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    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

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CBN fines nine banks 150 million Naira each for failing to dispense cash

Thursday, 16 January 2025, 7:56 am
in Business
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CBN fines nine banks 150 million Naira each for failing to dispense cash
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The Central Bank of Nigeria (CBN) has fined nine banks a total of N1.35 billion for failing to make Naira notes available through automated teller machines (ATMs) during the yuletide season. According to the CBN, the fines were imposed to demonstrate a zero tolerance policy for cash flow disruptions.

Each bank was fined N150 million for non-compliance with the CBN’s cash distribution guidelines, following spot checks conducted at their branches. This enforcement action came after repeated warnings from the CBN to financial institutions to ensure seamless cash availability, especially during periods of high demand.

The banks affected by the fine include Fidelity Bank Plc, First 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. Communication with the banks indicated that the fines will be debited directly from their accounts with the CBN.

Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, confirmed this development, noting, “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.” She added that the CBN would not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines. The CBN’s investigations and monitoring efforts will continue to scrutinize cash hoarding and rationing, both at bank branches and among Point-of-Sale (POS) operators. The Central Bank is collaborating with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million. In his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, Governor Olayemi Cardoso warned banks to adhere to cash distribution policies or face severe penalties.

He emphasized the CBN’s commitment to maintaining a robust cash buffer to meet the needs of Nigerians. “Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso stated. The CBN urged all financial institutions to comply with its guidelines, warning that any further violations would attract swift and decisive sanctions.

Additionally, the CBN reaffirmed the validity of the old ₦1000, ₦500, and ₦200 denominations, urging the public to disregard any claims that they would no longer be considered legal tender after December 31, 2024. In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN addressed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

According to the CBN, a Supreme Court ruling granted on November 29, 2023, allows the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely. “To clarify, all versions of the Naira, including the old and new designs of the ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦200 denomination, remain valid and will continue to be legal tender without any deadline. “We advise the public to disregard any claims suggesting that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We encourage Nigerians to accept all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.”

Vivian Ifunanya Gerald

Engineer, Entrepreneur, forex trader and Analyst

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