• About Us
  • Privacy Policy
  • Contact Us
  • Advertise With Us
  • Home
Metrowatchonline
Tuesday, June 3, 2025
  • Home
  • News
  • Security
  • World
No Result
View All Result
  • Home
  • News
  • Security
  • World
No Result
View All Result
Metrowatchonline
No Result
View All Result
Home Business

CBN Sanctions Banks for ATM Cash Dispensing Failures

Governor Olayemi Cardoso, in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned banks to strictly adhere to cash distribution policies or face severe penalties.

Emmanuel Babs by Emmanuel Babs
January 15, 2025
in Business, Highlights, Top News
0
CBN

In a clear message of zero tolerance for cash flow disruptions, 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 season. 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 banks revealed that the fines would be debited directly from their accounts with the apex bank.

The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali confirmed the development, noting that “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability. “The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she added.

The CBN’s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. The Central Bank is working 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.

ALSO READ...

Lawyers, CSOs Storm Attorney General’s Office ‘over $5m Tuition Fees Paid for NMDPRA’s Boss Children’

Lawyers, CSOs Storm Attorney General’s Office over $5m Tuition Fees Paid for NMDPRA’s Boss Children

Governor Olayemi Cardoso, in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned banks to strictly adhere to cash distribution policies or face severe penalties.

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

Tags: CNm
Previous Post

Gen Irabor Advocates Special Support for Wounded, Disabled Veterans

Next Post

GOCOP Applauds Edo Gov for Appointing Collins Edomaruse as Special Adviser

Emmanuel Babs

Emmanuel Babs

Related Posts

No Content Available
Next Post
Gov Okpebholo Appoints Collins Edomaruse as Special Adviser, International Development Partners

GOCOP Applauds Edo Gov for Appointing Collins Edomaruse as Special Adviser

  • About Us
  • Privacy Policy
  • Contact Us
  • Advertise With Us
  • Home

© 2024 Metrowatch Online Published by Miraculous Media Connect Limited. All rights reserved

No Result
View All Result
  • Home
  • News
  • Security
  • World

© 2024 Metrowatch Online Published by Miraculous Media Connect Limited. All rights reserved

Go to mobile version