The Central Bank of Nigeria (CBN) has fined First Bank and other eight commercial banks a total of N1.35 billion for failing to ensure cash was available in ATMs during the festive season. Each bank was fined N150 million for not complying with the CBN’s cash distribution stipulated rules.
This action followed spot checks on bank branches, which revealed the banks did not meet the required standards. According to a statement issued by the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the sanctions were meant to send a strong message about the importance of maintaining cash flow, especially during times of high demand.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank. The fines will be deducted directly from their accounts with the CBN.
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