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6 Nigerian banks report N3trn profit amid complaints, challenging environment
Leave a Comment on 6 Nigerian banks report N3trn profit amid complaints, challenging environmentEconomy News

6 Nigerian banks report N3trn profit amid complaints, challenging environment

Six banks in the country have posted N3.41 trillion as Profit After Tax (PAT) for the year 2024 ended against the N2.1 trillion recorded in the 2023 financial year. This is in spite of diverse transaction and service complaints, dissatisfaction among customers and the challenging economic situation of the country. The figure represents a 62.38 …

The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season. In a statement issued on Tuesday, the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed that each bank was fined N150 million following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make naira notes available through automated teller machines during the yuletide season,” the statement read. The affected 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 Sterling Bank Plc The fines will be directly debited from the banks’ accounts with the CBN. The apex bank emphasized that the enforcement action follows repeated warnings to financial institutions to ensure seamless cash availability, especially during periods of high demand.
Leave a Comment on CBN Fines Nine Banks N1.35bn for Failing to Ensure ATM Cash Availability During Festive SeasonNews

CBN Fines Nine Banks N1.35bn for Failing to Ensure ATM Cash Availability During Festive Season

The Central Bank of Nigeria (CBN) has imposed fines totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season. In a statement issued on Tuesday, the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed that each bank was fined N150 million following spot checks that …