The Central Bank of Nigeria (CBN) has expressed concern over the rising incidences of counterfeit Naira notes paid to customers through bank automated teller machines (ATM) and teller points.
In a circular to all deposit money banks in the country, signed by Priscilla E. Eleje (Mrs), Director, Currency Operations, the CBN lamented that the anomaly has continued unabated, despite moral suasion to the affected.
The circular dated January 21, 2019, said a penal fee of one Million Naira will henceforth be imposed per bank branch for none compliance.
Also, as part of sustaining public confidence in the Naira, while ensuring compliance with the provisions of the Banknote Fitness Guidelines and Clean Note Policy documents, the CBN said it will henceforth conduct spot checks on bank ATMs and teller points will henceforth be undertaken to ensure compliance.
