CENTRAL BANK TO FINE DEPOSIT MONEY BANKS FOR PAYING COUNTERFEIT BANKNOTES

The Central Bank of Nigeria has imposed a penal fee of 1 million naira 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 Deposit Money Banks on ‘Penalty for payment of counterfeit monies from ATMs, Teller Points’ yesterday.

The apex bank said it observed with concern, the incidences of counterfeits paid through some ATMs/Teller points of commercial banks.

It 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.

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