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.

For More Information And News Update, Join Informant Online WhatsApp Channel With Link Below:

https://whatsapp.com/channel/0029VaihFajBadmT29ufud2Z

Related articles

Why The North Will Celebrate Me If I Am President – Peter Obi

Peter Obi, a 2027 presidential aspirant and the Labour...

Peter Obi Speaks On ‘Working’ For Abacha

Peter Obi, the former Anambra State governor and Labour...

Senate Makes Announcement Concerning Judgment On Natasha

The Senate announced on Sunday that it will obtain...

Makinde’s Associate Resigns From PDP

Seun Adelore, the Peoples Democratic Party (PDP) Chairman for...

FG Puts Up Presidential Jet Bought Under Obasanjo For Sale In Switzerland [PHOTOS]

Nigeria's Federal Government has put its 20-year-old Boeing Business...

LEAVE A REPLY

Please enter your comment!
Please enter your name here