Zenith, FCMB, 11 Others Penalized By CBN For Not Having Enough Cash In Reserve
The Central Bank of Nigeria (CBN) has imposed sanctions on 13 banks for failing to achieve their 27.5 percent Cash Requirement obligations.
The apex bank debited the 14 banks a total of N356.1 billion for failing to maintain a minimum bank balance.
According to a report by ThisDay, the new debit took place on Friday, January 4, 2022, and has enraged many in the banking industry.
According to available statistics, Zenith Bank, one of Nigeria’s newest banks, was the heaviest hit, while Fidelity Bank was the least debited by the CBN.
N170 billion was deducted from Zenith and a new generation bank. FCMB was fined N39 billion, First Bank was fined N27 billion, GT Bank was fined N20 billion, and Citibank was fined N12 billion by the CBN.
Stanbic IBTC, Union Bank, and Polaris banks were each debited N10 billion, while Keystone, Ecobank, Sterling Bank, and Fidelity and Nova Merchant banks were each debited N6 billion, N5 billion, and N3.6 billion.
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The CBN last took this move in December, when the banks were collectively debited N175 billion. The Central Bank of Nigeria (CBN) has issued a strong caution to banks not to deprive Nigerians of funds, particularly during the Christmas season.
Because the banks disobeyed the regulation, they were hit with hefty fines.
Finally, the Central Bank of Nigeria (CBN) announced that 28 enterprises have met the bank’s requirements under the ‘100 for 100 Policy for Production and Productivity.’
The apex bank stated that this occurred after 243 enterprises applied for the 100 loan initiative with projects worth N321.06 billion.
