The Central Bank of Nigeria (CBN) will begin to sanction banks for poor service quality, and failure to load cash at Automated Teller Machine (ATM) points.
CBN Governor, Olayemi Cardoso, revealed this yesterday at the 59th edition of the Bankers Night organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
He said spot checks on banks will commence on December 1, 2025,and any bank found not meeting expectations, will be punished.
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Cardoso said banks have been fined N29 billion for regulatory breaches, and the apex bank will continue to ensure financial institutions comply with its directives.
He however revealed that the CBN’s current exchange rate for the naira does not reflect the true value of the local currency stating that the naira exchanges at N1,720 to dollar at the parallel market, and below N1,663 to dollar at the official window.
Cardoso stated further that the apex bank expects that the introduction of the electronic marketing system will correct distortions by enhancing price discovery process for the naira.
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