CBN Imposes Penalty On Banks For Mutilated Notes - Business

CBN Imposes Penalty On Banks For Mutilated Notes - Business - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Imposes Penalty On Banks For Mutilated Notes (14339 Views)

CBN Imposes Penalty On Banks For Mutilated Notes by ikorodureporta(op): 4:37pm On Apr 03, 2022

N400 for every bad N100 note, CBN imposes penalty on banks for mutilated notes

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMB) to stop including mutilated notes as part of their deposits with the apex bank.

Ahmed Umar, director, currency operations department of CBN, in Abuja, said this in a circular issued over the weekend.

According to the circular, the directive took effect from April 1.

Composed banknotes are mutilated currency notes comprising several parts of different banknotes of the same denomination.

The parts of such currency notes are usually put together with the intention of receiving value.

Umar said that the existence of such banknotes in the economy falsified the true value of the currency in circulation.

He added that it could also be a channel for fraudulent activities.

He said that henceforth, composed banknotes discovered in the deposit of DMBs shall attract a penalty of 400 percent of the value.

“The management of the CBN observed with concern the increase number of composed banknotes deposited by DMBs and request for replacement of such banknotes by members of the public,” CBN said.

“The existence of composed banknotes in the economy falsify the true value of currency in circulation, and can also be avenue for fraudulent activities.

“Consequently, any composed banknote discovered in the deposit of DMBs shall attract penalty of 400 percent of the value.”

Source: https://www.thecable.ng/n400-for-every-bad-n100-note-cbn-imposes-penalty-on-banks-for-mutilated-notes/amp

https://www.thecable.ng/n400-for-every-bad-n100-note-cbn-imposes-penalty-on-banks-for-mutilated-notes/amp

4 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by DaInferno(m): 4:50pm On Apr 03, 2022

ikorodureporta:
Source: https://www.thecable.ng/n400-for-every-bad-n100-note-cbn-imposes-penalty-on-banks-for-mutilated-notes/amp

Lalasticlala

for this naija, somethings sound so dumb. So in other words, they want the money to be as intact as it came out?, as if it's our fault. I just saw 200 naira note of 2015 (6yrs) still in circulation so how e no go tear?

43 Likes 2 Shares

Re: CBN Imposes Penalty On Banks For Mutilated Notes by rexlims(m): 5:00pm On Apr 03, 2022

DaInferno:
for this naija, somethings sound so dumb. So in other words, they want the money to be as intact as it came out?, as if it's our fault. I just saw 200 naira note of 2015 (6yrs) still in circulation so how e no go tear?

.
Does it not surprise u that u see people hawking new naira notes at social events and we can't get these same notes directly from our banks.
Our commercial banks are complicit in this and some of d officers of these banks are making money from these acts.

51 Likes 5 Shares

Re: CBN Imposes Penalty On Banks For Mutilated Notes by ikorodureporta(op): 6:14am On Apr 04, 2022

Who go gree collect torn notes now...even filling stations don dey reject am

10 Likes

Re: CBN Imposes Penalty On Banks For Mutilated Notes by ALARAPE22(m): 7:05am On Apr 04, 2022

We move.........Barman I need water please....

5 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Sergio101(m): 7:13am On Apr 04, 2022

ALARAPE22:
We move.........Barman I need water please....

Me I want chilled siminorff tongue

.

We moveee

3 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by slawormiir: 7:59am On Apr 04, 2022

Damnnn niggarrrr
Pussy ass cbn

Everybody just dey run away from their responsibility for this Nation

Na cbn work be this na

28 Likes 3 Shares

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Ethannathan(m): 7:59am On Apr 04, 2022

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Mko123(m): 7:59am On Apr 04, 2022

I see this case as leaving leprosy and tackling ringworm.

So any mutilated denomination now will be rejected. Come and tell me that thrash to my one thousand naira note

4 Likes

Re: CBN Imposes Penalty On Banks For Mutilated Notes by oluseyiforjesus(m): 7:59am On Apr 04, 2022

When will Nigerians impose sanction on Buhari?

3 Likes

Re: CBN Imposes Penalty On Banks For Mutilated Notes by MITCHELL96: 8:00am On Apr 04, 2022

Life will soon show you evil people it's ugly side

Re: CBN Imposes Penalty On Banks For Mutilated Notes by 4tomandchi: 8:00am On Apr 04, 2022

When politicians steal and hide money inside tanks what do you expect?

CBN has been politicized it is now a puppet in the hands of politicians this is the worse CNB regime I have experienced in the last two decades.

Nigeria is falling deeper than the naira!!!

2 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Illuminatiship(m): 8:00am On Apr 04, 2022

Ponzi scheme.

Re: CBN Imposes Penalty On Banks For Mutilated Notes by pmc01(m): 8:00am On Apr 04, 2022

Godwin for president 2320 grin

1 Like

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Ololanla: 8:01am On Apr 04, 2022

Good one. Maybe market women and bus conductors would start handling money the right way.

1 Like

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Sergio101(m): 8:01am On Apr 04, 2022

But Sha some people ain't taking such money any longer

Re: CBN Imposes Penalty On Banks For Mutilated Notes by salbis(m): 8:01am On Apr 04, 2022

The kind of money you will see in circulation in Kano go fear someone.

2 Likes

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Ezemarcel(m): 8:01am On Apr 04, 2022

This CBN governor is the worst in the history of Nigeria

Always bringing out policy that will make the citizens suffer..

So in other words banks Should not receive multilated bill...and the money should no longer be legal tender ?

Why not give a date so all the multilated once in circulations to be returned...

This is how they banned banks issing out forex

Clueless people everywhere

12 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by pmc01(m): 8:01am On Apr 04, 2022

slawormiir:
Damnnn niggarrrr
Isoright

"Resurrected!"

3 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Ochyes: 8:01am On Apr 04, 2022

It's well in this regime.

Re: CBN Imposes Penalty On Banks For Mutilated Notes by samtee37(m): 8:01am On Apr 04, 2022

How we go do am for north wey mutilated money plenty pass normal money for some hausa guys money box. huh

1 Like

Re: CBN Imposes Penalty On Banks For Mutilated Notes by jumper524(m): 8:01am On Apr 04, 2022

slawormiir:
Damnnn niggarrrr Isoright

oboi efcc don leave you? bros we miss you oo..

1 Like 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Jh0wsef(m): 8:01am On Apr 04, 2022

Lol

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Saviourfresh: 8:02am On Apr 04, 2022

They should look for a better solution then.

1 Like

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Dialpad: 8:02am On Apr 04, 2022

Nonsense is it the banks that mutilated them , now banks will begin to reject legal tenders .

Do they think before making such decisions or one drunk director made such decision

6 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Earlystar698(m): 8:02am On Apr 04, 2022

When you think a day would go without hearing a dump shit, boom apc miscreants government hit. Bad Over 0.5

5 Likes

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Hamzatgodfirst(m): 8:03am On Apr 04, 2022

Okay... Mutilated notes are common nowadays because there are no new notes in circulation. Now, we have to be taking care of our money even though a lot of them are too old to be in circulation

1 Like 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Akwamkpuruamu: 8:03am On Apr 04, 2022

It is the duty of the CBN through Breaqueating to destroy mutilated currency. They should stop evading their works.

8 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Nobody: 8:03am On Apr 04, 2022*

Senseless Apex Bank. Shey money that was in circulation won't get old?
Does it reduce its value?
No!
Why give senseless orders? CBN should manufacture indestructible notes that won't get wrinkled. Human being sef dey wrinkle when it reach some level.

5 Likes 1 Share

Re: CBN Imposes Penalty On Banks For Mutilated Notes by Emmexguy123: 8:03am On Apr 04, 2022

If I survive in this regime,, I won't be afraid of the next president and his regime come 2023.

Buhari is the example of the bible verse that says
""" Woe into men"*

It's indeed woe unto Nigerians.

9 Likes 1 Share

1 2 3 4 Reply

CBN Imposes Limit On Banks’ Foreign Currency Exposure • Banks Push Out Dirty, Mutilated Notes As New Naira Scarcity Persists • CBN Asks Banks To Return All Mutilated Notes Between June 3 & September 2 • 2 • 3 • 4

Share Your Worst Experience About Online Businesses That You've Done Before. • Naira Unaffected By Trump’s Victory • Zenith Bank Becomes First Nigerian Bank To Audit Greenhouse Emmissions