Nigerian Banks Sanctioned for Cash Crunch During Yuletide Amid Rumors of Political Collusion

           Central Bank of Nigeria


 The Central Bank of Nigeria (CBN) has imposed heavy penalties on Deposit Money Banks (DMBs) for failing to ensure the availability of naira notes through Automated Teller Machines (ATMs) during the festive season, despite repeated warnings. Each affected bank has been fined ₦150 million for breaching the CBN's cash distribution guidelines, following spot checks on their operations.

This enforcement action underscores the CBN’s commitment to addressing the cash scarcity that disrupted the festive celebrations for many Nigerians. The penalized banks 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. The fines are to be deducted directly from the banks' accounts with the apex bank.

Hakama Sidi Ali, the acting director of corporate communications at the CBN, stated, “Ensuring seamless cash flow is critical to maintaining public trust and economic stability. The CBN will not hesitate to impose additional sanctions on any institution that violates cash circulation policies.”

Meanwhile, rumors have swirled about alleged deals between bank executives and politicians, raising concerns over the diversion of cash to political activities during the yuletide season. This speculation stems from the well-known trend of increased cash transactions by politicians during the period.

The CBN has intensified investigations and monitoring to curb cash hoarding and rationing at bank branches and Point-of-Sale (POS) outlets. The apex bank is also collaborating with security agencies to combat illegal cash sales and enforce the daily withdrawal limit of ₦1.2 million for POS operators.

With these measures, the CBN aims to restore public confidence in the banking system while ensuring that citizens have uninterrupted access to cash during critical periods.


                          CBN logo


Comments

Post a Comment

Popular posts from this blog

Pi Network’s Mainnet Migration: Why Completing KYC and Token Acknowledgment is Crucial for Pioneers

Image
 As the Pi Network inches closer to its highly anticipated Mainnet launch, Pioneers around the globe are buzzing with excitement. However, amidst this excitement, the network has reiterated the importance of completing a crucial step: the Know Your Customer (KYC) process and signing the token acknowledgment. This essential requirement ensures that every Pioneer is prepared to partake in the benefits of the Mainnet ecosystem. Why KYC and Token Acknowledgment Matter The KYC process is a standard practice in the blockchain world, designed to verify the identity of users to prevent fraudulent activities and ensure compliance with global regulations. For Pi Network, KYC is a cornerstone of its philosophy of creating an inclusive, trustworthy ecosystem. Signing the token acknowledgment is equally vital, as it signifies the user’s acceptance of the Pi cryptocurrency’s transition to Mainnet and their willingness to comply with the terms of the migration. Failing to complete these steps cou...
Read more

Federal Civil Service Commission Recruitment: Apply Now For Available Positions

Image
  The Federal Civil Service Commission (FCSC) has officially opened its recruitment portal and is now welcoming applications for multiple vacancies across various departments. This announcement was made on Monday by Taiwo Hassan, the commission’s Head of Press and Public Relations. Interested candidates are encouraged to apply before the deadline. How to Apply: Follow these simple steps to submit your application: 1. Visit the official recruitment portal: recruitment.fedcivilservice.gov.ng 2. Choose your preferred position (Note: You can only apply for one role). 3. Upload the required documents, which include: ...Curriculum Vitae (CV) ...Ph.D./Master’s degree certificate (if applicable) ...Degree/HND/NCE certificate ...WAEC/NECO/NABTEB certificate ...Primary school certificate ...NYSC discharge/exemption/exclusion certificate ...Birth certificate or declaration of age ...Local government identification ...Recent passport photograph Application Deadline: All submissions must be com...
Read more

Argentina’s President Javier Milei Faces Impeachment Calls Over Crypto Scandal

Image
                  Javier Milei, Pres. Argentina In February 2025, Argentine President Javier Milei found himself at the center of a burgeoning scandal dubbed "Cryptogate." The controversy erupted after Milei promoted a new cryptocurrency called $LIBRA on his social media platforms, leading to significant financial losses for investors and sparking calls for his impeachment. The $LIBRA token experienced a meteoric rise in value, surging from nearly zero to $5, before abruptly crashing to less than $1. This dramatic fluctuation raised suspicions of a "rug pull" scam—a scheme where the creators of a cryptocurrency abruptly withdraw their funds, leaving investors with worthless assets. In the aftermath, Milei deleted his promotional posts and claimed ignorance about the project's specifics, stating that he intended merely to support Argentine initiatives.  The fallout was swift and severe. Over 40,000 investors reported substantial losses, l...
Read more