CBN To Fine Banks For Paying Counterfeit Banknotes

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.”

(Punch)