Business
CBN to sanction banks that fail to dispense cash via ATMs
The CBN has announced plans to penalise banks that do not dispense cash through their Automated Teller Machines (ATMs), as part of its efforts to maintain adequate cash circulation.
The apex bank’s Governor, Yemi Cardoso, stated this during a press briefing at the end of the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Cardoso emphasised that all deposit money banks must ensure availability of enough cash for withdrawals at all times.
ALSO READ: Experts weigh in as Naira crashes to N1,658 after CBN rate hike
He disclosed that the apex bank has set up a monitoring system to ensure compliance, stressing that any bank not adhering to this directive will face penalties. Cardoso reiterated that the CBN’s monitoring and spot-checking system would keep track of banks’ compliance, and those failing to meet the requirement would be sanctioned.
“We ourselves, have devised a monitoring system, a spot-checking system, whereby we will go to the banks and just ensure that these things are done in the way and manner in which they are meant to be done.
-
Latest5 days agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Business4 days agoNigeria: Whither the fruits of 2026 crude oil windfall?
-
Comments and Issues5 days agoPolitical Parties Primaries: Consensus or Coronation?
-
Business4 days agoTrump-Xi summit sparks fresh questions for Nigeria’s economy, tech sector
-
Comments and Issues5 days agoDoes it matter to Africa if Nigel Farage comes to Number 10?
-
Comments and Issues5 days agoIs France Real or Playing Ping Pong With Africa?
-
Business3 days agoNigeria’s foreign debt climbs 22% to $51.86bn under Tinubu administration
-
Featured5 days agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed