-
CBN Imposes N400 Penalty For Every Bad N100 Notes.
- Director, currency operations department of CBN, Ahmed Umar said that the existence of mutilated banknotes in the economy falsified the true value of the currency in circulation.
EKO HOT BLOG reports that 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.
Read Also: BDCs Seek Return To Mainstream FX Business As Naira Nears N600/$
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”.
You May Also Like: Soludo To FG: ‘Speed Up Kanu’s Trial Or Release Him From Indefinite Detention’
Click to watch our video of the week:
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at ekohotblog@gmail.com. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
