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 spot checks on banks ATM and teller points to ensure compliance of banknote fitness guidelines and clean note policy.
This development follows the CBN’s observation with concern the incidences of counterfeits paid through banks’ ATMs/teller points.
To address this amongst other, the CBN in collaboration with key currency management stakeholders developed banknote fitness guidelines and clean note policy documents for the industry.
