After being fined by the Central Bank of Nigeria, most banks swiftly restocked their ATMs with cash.
The sanctions, imposed for insufficient cash during the festive season, led to ₦150 million fines for nine banks.
Following sanctions from the Central Bank of Nigeria (CBN), most affected banks swiftly took action to replenish their Automated Teller Machines (ATMs) with cash.
By Wednesday, just a day after the penalties, several branches in Lagos began dispensing cash through their ATMs.
The CBN imposed the sanctions on Tuesday, targeting nine banks for failing to ensure cash availability during the busy yuletide period.
The CBN had conducted spot checks across branches, imposing fines of ₦150 million on each of the banks for breaching cash distribution guidelines.
A visit to various branches revealed that ATMs at United Bank for Africa (UBA), Zenith Bank, and Fidelity Bank were operational, while First Bank of Nigeria’s machines were out of service.
Customer turnout was low, with no customers at the ATMs of Zenith, Fidelity, and First Bank.
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However, UBA saw some activity.
A Fidelity Bank security staff member explained that the bank capped withdrawals at ₦20,000 for Fidelity cardholders and ₦10,000 for others.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, UBA, and Sterling Bank.
This enforcement demonstrates the CBN’s commitment to ensuring cash availability during peak demand periods.
CBN Governor Olayemi Cardoso stressed the importance of strictly adhering to cash distribution policies, while the CBN’s acting director of corporate communications, Hakama Sidi Ali, warned that the CBN would impose further sanctions on any bank that violated these guidelines.
