The Central Bank of Nigeria has imposed a penal fee of N1m on each branch of Deposit Money Banks for non-compliance with its ‘Banknote fitness guidelines and clean note policy documents for the industry.’

The regulator disclosed this in a circular to all DMBs on ‘Penalty for payment of counterfeit monies from ATMs, Teller Points’ on Wednesday.

It said, “The management of the CBN has observed with concern the incidences of counterfeits paid through some DMBs’ ATMs/Teller points. This situation has continued unabated despite moral suasion to the affected DMBs.



“To address this, among others, the CBN in collaboration with key currency management stakeholders developed ‘Banknote fitness guidelines and clean note policy documents for the industry.”

“In order to sustain public confidence in the national currency and ensure compliance with the provisions of the policy documents, the CBN said it approved the, “Spot checks on DMBs’ ATMs and Teller points to ensure compliance; and imposition of penal fee of N1m per branch of DMBs for non-compliance.”

The apex bank said that the enforcement of the sanction would take effect after the launch of the two policy documents at a date which would be communicated to all stakeholders.

According to the CBN, it has the statutory obligation to provide adequate supply of clean banknotes to facilitate seamless payment and settlement of transactions by the public, government and banks.

Over the years, it observed that the growth in economic activities and the upsurge in population had necessitated the rise in the volume of banknotes in circulation.

In view of technological advances, the CBN, like other central banks, had introduced various forms of electronic payment systems for an effective and efficient settlement of transactions and to reduce the volume of cash usage with its attendant cost implications.

The regulator noted that demand for cash continued to grow despite technological advances.

“The volume of currency in circulation as at the end of 2012 rose significantly by 10.34 per cent to N7.91tn pieces, as at half year of 2018,” it stated.

A large proportion of the notes in circulation, according to the CBN, are dirty and mutilated and not fit for ATMs and over the counter payment.

https://punchng.com/cbn-to-fine-banks-for-paying-counterfeit-banknotes/

Ok

This is what Good Governance is all about.
Making laws that will make life worth living for Nigeria, the minimum qage increment is a VERY good way to go, something that couldn't be done when Nigeria was in the years of plenty.
God bless our President MUHAMMADU BUHARI.
God bless you.
God bless Nigeria.

We deserve some clean notes

Good policy.

Argh! So banks even make use counterfeit

OK we dey wait

sinaj:
Argh! So banks even make use counterfeit

It is SHOCKING!

Most counterfeit notes are disbursed via Atm. Na bank workers dey run the parol. If you know, you know.

8GB Atm card flash drive for #1000 only. Check link
https://www.nairaland.com/4972442/clearance-sales-
quality-8gb-atm

Why should a bank pay counterfeit note? Kwaruption everywhere.

CBN, if you need a witness, i will volunteer myself. I have been a victim of this many times.

They intentionally load the counterfeits into their ATM. I almost sued for one bank (name withheld) for this. I withdrew from their ATM and went inside to pay for some services which required me to show the bank teller used in paying.

Surprisingly, the lady brought out about 5 counterfeit notes from the bundle. I told her i withdrew it from their ATM, she refused to take it. Omo, i raised hell inside the bank and demanded they should provide the video evidence unless I'm heading straight to my lawyers. Na so, the bank manager came out and was begging i should take it easy. He saw how serious i was and knew i was telling the truth. That's what saved my day.

All you that laugh at people like us when we count the money withdrawn from ATM, we know why we do so. No, it's not about being an illiterate, we have seen things

I pray and I request for you today and forever A heart free from sadness, a mind free from worries, a life full of gladness, a body free from of illness, and a day full of God blessings and favours.

Gud one
I hope Ecobank will listen

Buhari why?

Donald Trump 72, President of America and still pushing for more.

Wole Soyinka 84, Nobel laureate. He's still writing and pushing for more.

Mohammadu Buhari 75, President of Nigeria and still pushing for more.

Aliko Dangote 61, richest man in Africa and still pushing for more.

Olu Jacobs 76, veteran actor and still pushing for more.

Oprah Winfrey 64, one of the most powerful women on earth and still pushing for more.

Folorunsho Alakija 67, the wealthiest woman in Africa and still pushing for more.

You're just:
30
35
40
45
50 and you're giving up.

You better shake off the dust and get moving.

You're too young to quit!

#WinningAttitudes

Got paid with some counterfeit mixed with some original notes from Fidelity. Noticed after some days. I refused to return so my money won't be punctured. I kukuma use Dem buy fuel.

Long over due. But the main issue is, "how will an individual report & prove to the bank that the fake note was gotten from their ATM?".

Shawlambivert:
Got paid with some counterfeit mixed with some original notes from Fidelity. Noticed after some days. I refused to return so my money won't be punctured. I kukuma use Dem buy fuel.

You are part of Nigeria's problem too

See the N1000 note First Bank atm at Okota roundabout dispensed. I didn't see it on time, it was when I wanted to purchase an item that I noticed it and I've already left the area, nonsense

Jestin:
We deserve some clean notes

[color=#990000][/color]Abi make person take go do shopping

2019elections:
So, banks de give counterfeit?

Na wa oo

before nko.......look @ you no shine your eyes

Funny you. What is the compensation in place for me when the counterfeit banknotes disbursed from the bank is returned to same bank? You mean I should lose my legally acquired hard earned money to some bank that couldn't carry out their duty efficiently.

Eberex:


You are part of Nigeria's problem too

Femi316:
before nko.......look @ you no shine your eyes

Eleyi gidigan

Bankers and their criminal tendency ....are like 5 & ,6 .
Don't be carried away by the fake smile of bank tellers...

Eberex:


You are part of Nigeria's problem too

What do u suggest he should have done

itiswellandwell:
Most counterfeit notes are disbursed via Atm. Na bank workers dey run the parol. If you know, you know.

8GB Atm card flash drive for #1000 only. Check link
https://www.nairaland.com/4972442/clearance-sales-
quality-8gb-atm

True talk

hmm.

OK

ha even in banks again

martowskin1:



What do u suggest he should have done

,

Don't mind him, he is just like every other nigerians dat are quick to point fingers saying d next door neighbor are nigerians problem 4geting d problem was already there b4 we were even given birth to,

How many people have a strong lawyer as their back up

According to burna boy :U KNOW GET MONEY U DAY CALL POLICE