Cbn Fines 9 Banks N1.35bn For Failing To Dispense Cash Via Atms

Reiterates validity of old N1000, N500, N200 denominations

By Babajide Komolafe

The Central Bank of NigeriaCBN yesterday said it has fined nine banks N1.35 billion for failing to make Naira notes available through automated teller machines ATMs, during the yuletide season.

According to the apex bank, the fines were imposed on the banks to demonstrate zero tolerance for cash flow disruptions.

Each bank was fined 150 million for non-compliance,in line with the CBNs 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.