Business
CBN Fines Nine Banks N1.35bn for Not Having Cash at ATMs During Festive Season
The Central Bank of Nigeria (CBN) has imposed hefty fines on nine Deposit Money Banks for failing to ensure cash availability through their ATMs during the festive season.
The total fines amount to N1.35 billion, with each bank penalized N150 million for breaching the CBN’s cash distribution guidelines.
The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.
According to a statement by CBN’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the sanctions reflect the apex bank’s zero-tolerance stance on cash flow disruptions, especially during high-demand periods.
Spot checks conducted on the banks’ branches revealed their non-compliance with guidelines aimed at ensuring the seamless availability of naira notes across ATMs during the yuletide season.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
‘No Smoking, No Nudity’ — Spyro Opens Up About the Values That Shape His Work
Babcock University Denies Issuing Carter Efe’s Alleged Certificate
Morocco Coach Explains How They Eliminated the Netherlands
-
News9 hours agoFG Extends NYSC Orientation Camp From 3 to 6 Weeks
-
News10 hours agoIs Lagos Sinking? Residents Raise Concerns as Flooding Worsens
-
Entertainment2 hours agoBabcock University Denies Issuing Carter Efe’s Alleged Certificate
-
Entertainment6 hours agoFans Excited as Lana Condor, Gavin Casalegno and More Feature in New Prime Video Movie
-
Entertainment8 hours agoYcee Responds to Backlash Over ‘Olodo Uprising’ Comments
-
Sport5 hours agoMorocco Coach Explains How They Eliminated the Netherlands
-
Entertainment1 hour ago‘No Smoking, No Nudity’ — Spyro Opens Up About the Values That Shape His Work