Business
CBN Fines Nine Banks Over Naira Scarcity
By Gideon Ayeni
The Central Bank of Nigeria (CBN) has imposed heavy fines on nine commercial banks for failing to ensure adequate cash availability in their Automated Teller Machines (ATMs) during the holiday season.
Each bank was fined ₦150 million for breaching cash distribution guidelines following inspections conducted by the apex bank.
The penalized banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank. According to sources, the fines were deducted directly from the banks’ accounts at the CBN.
In a statement, the CBN emphasized that consistent cash availability is critical for public confidence and economic stability, warning that further sanctions would be imposed on any financial institution that violates its policies.
The apex bank,CBN revealed that monitoring of cash distribution systems and Point-of-Sale (POS) operators is ongoing, with investigations targeting illegal cash sales and non-compliance with withdrawal limits.
The CBN also announced collaborations with security agencies to enforce POS withdrawal limits, currently set at ₦1.2 million per day, to curb abuses and ensure orderly cash management.
Meanwhile, in another development besides the CBN fine on the banks, GWG.ng reports that the National Youth Service Corps (NYSC) has advised prospective Corps members awaiting their Call-Up Numbers to exercise patience and refrain from following misleading information circulating online.
The advisory comes in response to social media claims suggesting that those yet to receive their NYSC Call-Up Numbers should visit the State Secretariats of the Scheme.
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