The Central Bank of Nigeria (CBN) has issued a strong warning against disruptions in cash flow, sanctioning Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through automated teller machines (ATMs) during the holiday season.
The Acting Director of Corporate Communications at the CBN, 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 stated.
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 has called on all financial institutions to adhere to its guidelines, warning that any further violations will result in prompt and strict sanctions.