Utweets
What Is Your Opinion On This? The Table Is Turning. Politicians Are Now Getting Into Trouble Gradually! $3X T4pe V!deo of Another Well Known Politician L3aked By 18yr Old Girl On Tiktok| Be The First To Watch It Before It’s Deleted.In a strong demonstration of its commitment to ensuring smooth cash flow, the Central Bank of Nigeria (CBN) has imposed significant fines on Deposit Money Banks (DMBs) for failing to ensure adequate Naira notes availability through automated teller machines (ATMs) during the busy festive season. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
UTWEETS reports that each of the non-compliant banks was penalized ₦150 million, in line with the CBN’s established guidelines for cash distribution, following spot checks conducted at their branches.
This action comes after repeated warnings issued by the CBN to financial institutions, urging them to guarantee continuous cash availability, especially during high-demand periods such as the holidays.
The banks impacted by the sanctions include 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.
Officials confirmed that the fines would be directly deducted from the banks’ accounts held with the central bank. The Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, acknowledged the penalties, emphasizing that “Ensuring seamless cash flow is crucial for maintaining public confidence and sustaining economic stability.”
She added, “The CBN will not hesitate to take further actions against any institution that continues to breach its cash distribution protocols.”
In addition to the fines, the CBN has vowed to keep a close watch on cash hoarding and rationing practices, both within the banks and among Point-of-Sale (POS) operators. The CBN is working alongside security agencies to combat illegal cash sales and other operational violations, including ensuring that POS operators adhere to the prescribed daily cumulative withdrawal limit of ₦1.2 million.
Governor Olayemi Cardoso, speaking at the 2024 Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN), reinforced the need for strict adherence to cash distribution guidelines. He warned that banks failing to comply would face heavy sanctions.
“Our objective remains to foster public trust, promote stability, and ensure the smooth circulation of cash within the financial system,” Cardoso stated, highlighting the CBN’s commitment to safeguarding the nation’s economic health.What Is Your Opinion On This? The Table Is Turning. Politicians Are Now Getting Into Trouble Gradually! $3X T4pe V!deo of Another Well Known Politician L3aked By 18yr Old Girl On Tiktok| Be The First To Watch It Before It’s Deleted.
The CBN urged all financial institutions to adhere to its cash handling policies, cautioning that any further violations would result in prompt and severe penalties.PROCEED WITH YOUR READING
