CBN Sanctions Banks For Failing To Dispense Cash Via ATMs

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.

The Central Bank of Nigeria (CBN) will continue its investigations and monitoring efforts to address cash hoarding and rationing, targeting both bank branches and Point-of-Sale (POS) operators.

The CBN is collaborating with security agencies to clamp down on illegal cash sales and operational infractions, including enforcing the daily cumulative withdrawal limit of N1.2 million for POS operators.

In his address at the 2024 Annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in November, Governor Olayemi Cardoso issued a stern warning to banks, urging them to strictly follow 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 has called on all financial institutions to adhere to its guidelines, warning that any further violations will result in prompt and strict sanctions.

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