CBN Slams Nine Banks N1.35bn Fine

The Central Bank of Nigeria (CBN) on Tuesday imposed penalties on nine Deposit Money Banks to the tune of N1.35 billion for not maintaining sufficient cash availability in their Automated Teller Machines (ATMs) during the holiday season.

Each of the banks received a fine of N150 million after inspections showed they were not adhering to the central bank’s cash distribution regulations.

The banks that have been impacted are 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 imposed fines will be deducted directly from the banks’ accounts held with the Central Bank of Nigeria (CBN).

Ebriku John Friday