CBN FINES CASH
HOARDING BANKS -N1.35BILLION

In a bold move to ensure Nigerians have access to cash, the Central Bank of Nigeria (CBN) has slapped a whopping N1.35 billion fine on nine banks for failing to play by the rules. Each bank was fined N150 million for not keeping their ATMs filled with cash during the holiday season.

THE LIST OF OFFENDERS

The nine banks that got caught in the act 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
– Sterling Bank Plc

A WARNING TO ALL

Hakama Sidi Ali, acting director of corporate communications at the CBN, sent a strong message to all financial institutions: “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.” The CBN is committed to keeping a close eye on banks and Point-of-Sale (POS) operators to prevent cash hoarding and rationing.

NO MORE CASH HOARDING

The CBN is working closely with security agencies to enforce the rules and ensure that POS operators don’t exceed their daily cumulative withdrawal limit of N1.2 million. It’s time for banks to shape up and put the needs of their customers first!