The Central Bank of Nigeria (CBN) has imposed fines totaling ₦1.35 billion on nine deposit money banks (DMBs) for failing to ensure adequate cash availability at automated teller machines (ATMs) during the festive season.

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. Each bank was fined ₦150 million.

In a statement released on Tuesday, Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, explained that spot checks conducted by the apex bank revealed violations of its cash distribution guidelines. Consequently, the fines will be debited directly from the banks’ accounts with the CBN.

“This enforcement action demonstrates the CBN’s zero-tolerance stance on cash flow disruptions. The affected banks failed to comply with our guidelines, especially during a period of high demand for cash,” the statement read.

Sidi Ali further emphasized that the CBN remains committed to ensuring seamless cash availability across the banking sector and warned that additional sanctions would be imposed on any financial institution found violating its cash circulation rules.

The regulator also announced plans to intensify monitoring of cash hoarding and rationing at bank branches and point-of-sale terminals. It pledged to work with security agencies to combat illegal cash sales and enforce adherence to the daily withdrawal limit of ₦1.2 million for POS operators.

On November 29, CBN Governor Olayemi Cardoso urged customers to report any withdrawal difficulties using designated contact channels. This followed a directive from the CBN mandating banks to prioritize ATM cash disbursement or face penalties.