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CBN To Fine Banks For Paying Counterfeit Banknotes - Business - Nairaland

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CBN To Fine Banks For Paying Counterfeit Banknotes by yungcrae(m): 7:11am On Jan 24, 2019
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/

1 Like 1 Share

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by InfernoNig: 7:22am On Jan 24, 2019
Ok
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by MANNABBQGRILLS: 7:23am On Jan 24, 2019
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.

15 Likes 6 Shares

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Jestin: 7:23am On Jan 24, 2019
We deserve some clean notes

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Sakamaje: 7:24am On Jan 24, 2019
Good policy.

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by sinaj(f): 7:24am On Jan 24, 2019
Argh! So banks even make use counterfeit

5 Likes 2 Shares

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Beetwo(m): 7:25am On Jan 24, 2019
OK we dey wait
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Naijawebmaster: 7:27am On Jan 24, 2019
tongue
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by MANNABBQGRILLS: 7:28am On Jan 24, 2019
sinaj:
Argh! So banks even make use counterfeit
It is SHOCKING!

3 Likes 2 Shares

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by itiswellandwell: 7:29am On Jan 24, 2019
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

3 Likes

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by greaterlove001: 7:30am On Jan 24, 2019
Why should a bank pay counterfeit note? Kwaruption everywhere.
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by lonelydora: 7:31am On Jan 24, 2019
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

28 Likes 4 Shares

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by ybalogs(m): 7:34am On Jan 24, 2019
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.

10 Likes 3 Shares

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by landmark86: 7:36am On Jan 24, 2019
Gud one
I hope Ecobank will listen

2 Likes 1 Share

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Bighead9: 7:37am On Jan 24, 2019
Buhari why?

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by ybalogs(m): 7:38am On Jan 24, 2019
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

12 Likes 1 Share

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Shawlambivert(m): 7:38am On Jan 24, 2019
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.
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by IMASTEX: 7:39am On Jan 24, 2019
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?".
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Eberex(m): 7:40am On Jan 24, 2019
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

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by nellaluv(f): 7:44am On Jan 24, 2019
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 angry lipsrsealed

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Femi316: 7:45am On Jan 24, 2019
Jestin:
We deserve some clean notes
[color=#990000][/color]Abi make person take go do shopping
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Femi316: 7:47am On Jan 24, 2019
2019elections:
So, banks de give counterfeit?

Na wa oo
before nko.......look @ you no shine your eyes
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Shawlambivert(m): 7:49am On Jan 24, 2019
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
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by 2019elections: 7:50am On Jan 24, 2019
Femi316:
before nko.......look @ you no shine your eyes

Eleyi gidigan

1 Like

Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Glink2018(m): 7:52am On Jan 24, 2019
Bankers and their criminal tendency ....are like 5 & ,6 .
Don't be carried away by the fake smile of bank tellers...
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by martowskin1(m): 7:53am On Jan 24, 2019
Eberex:


You are part of Nigeria's problem too


What do u suggest he should have done
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Maket: 7:55am On Jan 24, 2019
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
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by mekaboy(m): 7:58am On Jan 24, 2019
hmm.
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by Tunasco4u(m): 8:01am On Jan 24, 2019
OK
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by rijejotit: 8:04am On Jan 24, 2019
ha even in banks again
Re: CBN To Fine Banks For Paying Counterfeit Banknotes by larryking540: 8:06am On Jan 24, 2019
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

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