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CBN imposes N1m sanction on banks over counterfeit banknotes

The Central Bank of Nigeria (CBN) on Wednesday said it will impose a penal fee of N1 million per branch of Deposit Money Banks (DMBs) for payment of counterfeit banknotes from ATMs and teller points. In a circular signed by Priscilla Eleje, director, currency operations department, CBN, the regulator also said it will carry out…

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