The Central Bank of Nigeria (CBN) has sanctioned several Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through automated teller machines (ATMs) during the festive season.

Affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. Each was fined ₦150 million for non-compliance with the CBN’s cash distribution guidelines.

The fines, imposed after spot checks on bank branches, underscore the CBN’s commitment to enforcing seamless cash availability during high-demand periods.

In response to repeated warnings, the CBN announced that the penalties would be directly debited from the accounts of the affected banks with the apex bank.

This enforcement action highlights the CBN’s resolve to ensure financial institutions uphold their responsibilities, particularly during critical periods like the yuletide season.