The Central Bank of Nigeria (CBN) has fined nine banks a total of ₦1.35 billion for failing to supply Naira notes through ATMs during the festive season.
Each bank was fined ₦150 million for violating cash distribution guidelines. The penalties will be deducted from their CBN accounts.
CBN Acting Director of Corporate Communications, Hakama Sidi Ali, emphasized the importance of cash availability and warned of further sanctions for non-compliance. The bank is also working with security agencies to prevent cash hoarding and illegal sales.
Additionally, the CBN reaffirmed that old ₦1000, ₦500, and ₦200 notes remain legal tender indefinitely, urging Nigerians to disregard misinformation about a December 31, 2024, deadline. The bank assured that all Naira versions are valid for transactions.
