The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.

According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions.

The affected banks are 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.

Sidi-Ali said that each of the banks was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.

She said that the enforcement action followed repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.

“Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.

She said the CBN’s investigations and monitoring would continue scrutinising cash hoarding and rationing at bank branches and by Point-of-Sale (POS) operators.

She added that the CBN was working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

She urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.

The CBN Governor, Yemi Cardoso, warned banks to adhere to cash distribution policies or face severe penalties strictly.

Cardoso gave the warning in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Nov. 2024.

He underscored the apex bank’s commitment to maintaining a robust cash buffer to meet the needs of Nigerians.

“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso had said.

The Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalisation appreciated by 1.80 per cent each, to close the week at 105,451.06 and N64.303 trillion respectively.

These are against 103,586.33 and 63.166 trillion posted last week.

Consequently, equity investors gained a total of N1.137 trillion for the week under review.

Similarly, all other indices finished higher except NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, and NGX Oil and Gas.

Also, NGX Industrial Goods depreciated by 6.91, 0.08, 1.11, 0.17, 0.34, 0.34 and 0.26 per cent respectively, while the NGX ASeM closed flat.

Meanwhile, a total turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals was traded this week by investors on the floor of the Exchange.

This was in contrast to a total of 2.618 billion shares valued at N69.742 billion that exchanged hands last week in 47,953 deals.

The Financial Services Industry measured by volume led the activity chart with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals: thus contributing 73.86 and

47.97 per cent to the total equity turnover volume and value respectively.

The Services industry followed with 407.032 million shares worth N2.226 billion in 4,996 deals.

Third place was the ICT Industry, with a turnover of 237.680 million shares worth N3.628 billion in 5,280

deals.

Trading in the top three equities namely, Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc, measured by volume accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals.

These contributed 35.74 per cent and 24.50 per cent to the total equity turnover in volume and value respectively.

Also, 51 equities were appreciated during the week, lower than 82 equities in the previous week.

Thirty-nine equities depreciated higher than 18 in the previous week, while 62 equities remained unchanged, higher than 52 recorded in the previous week.

Multiverse Mining and Exploration Plc, led 50 other advanced equities on the gainers’ table by 53.42 per cent to close at N12.35 per share.

Sunu Assurances also led the 38 other declined equities on the losers’ table by 36.52 per cent to close at N7.30 per share.

Looking ahead, analysts at Cowry Asset Management Ltd., predicted bullish momentum at the equity market to persist in the coming week.

The analysts said this would be supported by anticipation of fourth quarter 2024 unaudited financial results and preparations for the dividend earning season.

They noted that positive sentiment is likely to prevail as stocks continue to reach new historical highs, bolstered by favourable market valuations and outlooks.

“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said.

 The price of the cryptocurrency, Bitcoin, on Thursday, surpassed the 100,000 dollars threshold for the first time on the Bitstamp platform.

The oldest and best-known cryptocurrency climbed by about 4.8 per cent more than 24 hours, reaching 103,252 dollars at about 0300 GMT.

In the past seven days, the leading cryptocurrency has gained more than 7 per cent in value.

Analysts attribute the steady increase to the new political landscape in the United States following Donald Trump’s election victory.

The former and future U.S. president was backed by most of the crypto community during the election campaign.

Trump had been very negative about Bitcoin during his first term in office, from 2017 to 2021, but actively courted the crypto community in this year’s re-election campaign.

At a major Bitcoin conference in Nashville, Tennessee, Trump promised to keep the crypto market largely unregulated and ensure cheap electricity for the mining of new Bitcoins.

On Wednesday, Trump said he intended to nominate Paul Atkins, considered a cryptocurrency supporter, to chair the U.S. Securities and Exchange Commission (SEC), which is responsible for regulating and supervising the securities markets and is therefore also responsible for protecting investors.

According to U.S. media, Atkins is likely to take a less stringent approach to regulation than the current chairman of the SEC, Gary Gensler. 

– dpa