By Anastasia John E.
Nigerians across the country have commended the Central Bank of Nigeria (CBN) for imposing sanctions on nine Deposit Money Banks (DMBs) for failing to provide adequate Naira notes through ATMs during the recent holiday season.
Mallam Ibrahim Sumaila, a resident of Wuse, expressed his satisfaction, stating, “I was able to withdraw my own money from my Zenith Bank account today without any issues. This action by the CBN is long overdue. They should now establish a committee to ensure compliance in rural areas.”
Dr. John Samuel, a customer of UBA in Maitama, confirmed successful ATM withdrawals but noted the ₦20,000 limit. “While I appreciate the improved access, the withdrawal limit needs to be increased,” he appealed to the CBN.
Mr. Caleb Ali, another satisfied customer, highlighted the challenges faced due to limited ATM availability. “I had to use a different bank’s ATM, which was inconvenient. However, I commend the CBN for taking action and urge banks to improve their services proactively,” he said.
Aisha Audu, a GTBank customer, encountered an empty ATM but appreciated the bank’s efforts to replenish it. She also echoed the call for an increase in the withdrawal limit, suggesting ₦50,000 as a more reasonable amount.
John Ebiloma, First Bank Customer complained bitterly that how he encountered and empty ATM
called on the Manager at Maraba branch to load the machines to ease the suffering of the customers, thanks the CBN for the action, seeks further sanction like withdrawal of the license to deter others since they have failed to meet the demand of the customers.
The CBN imposed ₦150 million fines on each of the following banks: 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.
Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, emphasized the bank’s commitment to maintaining seamless cash flow and zero tolerance for disruptions. He warned that further sanctions would be imposed on any institution violating cash circulation guidelines.
Governor Olayemi Cardoso, during the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), reiterated the CBN’s focus on fostering trust, ensuring stability, and guaranteeing seamless cash circulation. He urged banks to adhere to cash distribution policies to avoid penalties.
The CBN continues to monitor cash flow operations closely, collaborating with security agencies to combat cash hoarding and ensure adherence to operational rules, including the ₦1.2 million daily withdrawal limit for POS operators.
