{"id":29476,"date":"2019-01-25T15:48:36","date_gmt":"2019-01-25T14:48:36","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=29476"},"modified":"2019-01-25T15:48:36","modified_gmt":"2019-01-25T14:48:36","slug":"cbn-to-fine-banks-for-paying-counterfeit-banknotes","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-to-fine-banks-for-paying-counterfeit-banknotes\/","title":{"rendered":"CBN To Fine Banks For Paying Counterfeit Banknotes"},"content":{"rendered":"

The Central Bank of Nigeria has imposed a penal fee of N1m on each branch of Deposit Money Banks for non-compliance with its \u2018Banknote fitness guidelines and clean note policy documents for the industry.\u2019<\/p>\n

The regulator disclosed this in a circular to all DMBs on \u2018Penalty for payment of counterfeit monies from ATMs, Teller Points\u2019 on Wednesday.<\/p>\n

It said, \u201cThe management of the CBN has observed with concern the incidences of counterfeits paid through some DMBs\u2019 ATMs\/Teller points. This situation has continued unabated despite moral suasion to the affected DMBs. \u201cTo address this, among others, the CBN in collaboration with key currency management stakeholders developed \u2018Banknote fitness guidelines and clean note policy documents for the industry.\u201d<\/p>\n

\u201cIn 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, \u201cSpot checks on DMBs\u2019 ATMs and Teller points to ensure compliance; and imposition of penal fee of N1m per branch of DMBs for non-compliance.\u201d<\/p>

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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.<\/p>\n

Photo Caption: CBN LOGO<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria has imposed a penal fee of N1m on each branch of Deposit Money Banks for non-compliance with its \u2018Banknote fitness guidelines and clean note policy documents for the industry.\u2019 The regulator disclosed this in a circular to all DMBs on \u2018Penalty for payment of counterfeit monies from ATMs, Teller Points\u2019 …<\/p>\n","protected":false},"author":6,"featured_media":17380,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5161],"coauthors":[2391],"class_list":["post-29476","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-banknotes"],"yoast_head":"\nCBN To Fine Banks For Paying Counterfeit Banknotes - 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