NewStats: 3,264,751 , 8,184,609 topics. Date: Thursday, 12 June 2025 at 09:43 AM 25o2h

The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The 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.

The fines will be directly debited from the banks’ s with the CBN.

In a press statement released on Tuesday, the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, emphasised the regulator’s commitment to ensuring seamless cash availability.

The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s 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.

“The 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.”

Sidi-Ali noted that CBN will not hesitate to impose further sanctions on any institution violating its cash circulation guidelines.

The apex bank had previously warned banks to comply with cash distribution policies.

The CBN has pledged to intensify monitoring of cash hoarding and rationing at bank branches and Point-of-Sale terminals.

The regulator was collaborating with security agencies to address illegal cash sales and ensure compliance with the daily withdrawal limit of N1.2m for POS operators.

Last September, the CBN announced plans to penalise banks failing to dispense cash via ATMs as part of efforts to ensure adequate cash circulation.

In November, the bank urged customers to report ATM and branch cash withdrawal issues starting December 1, 2024, through designated state-specific phone numbers and email addresses.

The fines underline CBN’s determination to prioritise customer needs and ensure uninterrupted access to cash.

SOURCE

I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Mtcheeww. No be new thing.

all these fines, revenues and levys wey dey enter government coffers, e never reach for them to send my share?

fergie001:


SOURCE

Audio fine

fergie001:


SOURCE

Zenith can Neva have Money in their machine, like Neva.

Ojoro! Ecobank is not on the list

Lol!

Naija banks...

GTbank tried during the yuletide season when it comes to their ATM dispensing cash

That amount is too small, let it be in billions.. they will sit up

It's applaudable

damiloladuke:
all these fines, revenues and levys wey dey enter government coffers, e never reach for them to send my share?

😂😂😂😂

CBN don cash out
My Adaora go come dey para now

They should remove Globus and Providus banks from that list, as they're just up and coming banks.

Na POS people cause am. Serves them right. That Globus Bank is very notorious for not dispensing cash on their ATMs. I have never withdrawn from their ATM ever since banking with them.

Why would banks not dispense cash?
Pos people don sabotage am. Nawa ooo. I insulted a merchant yesterday because of the hike in charges.

Now I understand why my cousin de para😆😂🤣

What a terrible new year present

Quinns:
Zenith can Neva have Money in their machine, like Neva.

Zenith get plenty Oga na

Na we the innocent customers go still suffer am. The banks go use mysterious charges recover the money back in ten folds.

You go begin see

DISPENSE CHARGES
RECOVERY CHARGES
CBN REIMBURSEMENT CHARGES

It's good

Some banks now sell cash to POS agents instead of loading the ATMachine

M

What happened that GTBank was omitted?

Gtbank get luck, the wayo bank get luck

Good.

First Bank didn't use to be involved in things like this. Seems cowboys have taken over that bank too.

erai30:
Ojoro! Ecobank is not on the list

Help me ask them ooo.that is why I no belive it.

.. sadly, it's the heads of workers down the ladder in those banks that will roll the most.

Hmmmmmm..........Union bank! It's well.

Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates.

We are our problem in this country.

Not true sir

POS operators highjack cash from filling stations and wholesale food sellers, thus stopping cash from getting to the bank in the first place. They are also first to get to the atms to empty the atms of the little cash banks manage to load.

The average professional staff in a Nigerian commercial bank is well paid, and would be actually under a curse to sell cash to POS operators.