The Central Bank of Nigeria (CBN) has fined nine banks a total of N1.35 billion for failing to provide sufficient cash through ATMs during the festive season.
Each bank was charged N150 million for violating cash distribution rules after inspections revealed non-compliance.
The banks affected include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa, and Sterling Bank.
The penalties will be debited from their accounts with the apex bank.
The CBN explained that this action aims to ensure smooth cash circulation and prevent disruptions, especially during peak demand periods.
Further inspections will target cash hoarding and illegal cash sales.
Meanwhile, the CBN has confirmed the ongoing validity of old N1000, N500, and N200 banknotes, urging the public to disregard rumours that they will cease to be legal tender by December 31, 2024.
All versions of these denominations remain valid indefinitely, per a Supreme Court ruling.
The CBN warned that financial institutions found violating guidelines would face stricter penalties, emphasizing the importance of adhering to policies for cash availability and economic stability.