The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure adequate availability of Naira notes through Automated Teller Machines (ATMs) during the yuletide season.
The banks were fined N150 million for non-compliance with the CBN’s cash distribution guidelines following spot checks conducted at their branches.
A statement from the CBN confirmed the enforcement action, stressing the apex bank’s commitment to guaranteeing seamless cash flow, particularly during periods of high demand. The apex bank revealed that the fines would be debited directly from the affected banks’ accounts.
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