Wednesday, February 1, 2023
No Result
View All Result
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Business
  • EKO News
  • EPE News
  • Entertainment Package
  • Jobs
No Result
View All Result
Home Business

JUST IN: CBN Imposes N400 Penalty For Every Bad N100 Notes

Benard Joseph by Benard Joseph
Apr 3, 2022.
in Business
JUST IN: CBN Imposes N400 Penalty For Every Bad N100 Notes
  • 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 [email protected] 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




Related Posts

UK: Amazon Workers Embark On Strike
Business

UK: Amazon Workers Embark On Strike

Jan 25, 2023.
Check Out The Whooping Amount Netflix Is Willing To Pay Flight Attendants
Business

Check Out The Whooping Amount Netflix Is Willing To Pay Flight Attendants

Jan 18, 2023.
$415m Of Crypto Stolen By Hackers- FTX
Business

$415m Of Crypto Stolen By Hackers- FTX

Jan 18, 2023.
Twitter Auctions Bird Statue And Other Office Furniture
Business

Twitter Auctions Bird Statue And Other Office Furniture

Jan 18, 2023.
Apple CEO’s Annual Salary To Be Slashed By Over 40%
Business

Apple CEO’s Annual Salary To Be Slashed By Over 40%

Jan 13, 2023.
Adidas Loses Trademark Battle With Thom Browne
Business

Adidas Loses Trademark Battle With Thom Browne

Jan 13, 2023.
Next Post
Plateau

Gunmen Storm Plateau Cultural Festival, Kill 10 Persons

 

Latest Reports

DONE DEAL: Man Utd Complete Marcel Sabitzer Loan Transfer

DONE DEAL: Man Utd Complete Marcel Sabitzer Loan Transfer

Feb 1, 2023.
DONE DEAL: Chelsea Sign Enzo Fernandez From Benfica For Record Fee

DONE DEAL: Chelsea Sign Enzo Fernandez From Benfica For Record Fee

Feb 1, 2023.
War: Ukraine Investigates Alleged Russian Torture Rooms In Kherson

Ukraine On High Alert As Russia Plans ‘Major Escalation’ Of War

Feb 1, 2023.
NATO Chief Stoltenberg Calls For Stronger Ties With Japan

NATO Chief Stoltenberg Calls For Stronger Ties With Japan

Feb 1, 2023.
Alec Baldwin Has Been Formally Charged in ‘Rust’ Shooting

Alec Baldwin Has Been Formally Charged in ‘Rust’ Shooting

Feb 1, 2023.
Happy New Month From Ekohotblog To Our Esteemed Readers

100+ Happy New Month Messages For February Wishes

Feb 1, 2023.
Another Deadly Accident In Lagos As Tanker Crushes Tricycles, Kills Two At Ikotun

Another Deadly Accident In Lagos As Tanker Crushes Tricycles, Kills Two At Ikotun

Feb 1, 2023.
Future Disaster Averted As Lagos Demolishes ‘Critically Distressed’ Structure

Future Disaster Averted As Lagos Demolishes ‘Critically Distressed’ Structure

Feb 1, 2023.
INEC

‘It Could Affect Logistics’ — INEC Expresses Concern Over Fuel Scarcity Ahead Of Elections

Feb 1, 2023.
Ekweremadu

Organ Harvesting: Daughter Absent Ekweremadu, Wife Appears In London Court

Feb 1, 2023.


DISCLAIMER: Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers Of  EKO HOT BLOG

For publication of your News Contents, articles, Videos or any other News Worthy Materials, please send to [email protected]

For Advert and other info, you can call 08035617233 or send a WhatsApp Message to 08035617233.

Please drop your comments

About

Ekohotblog is a news site that grants you access to trending news 24/7.

Follow us

Other Categories

  • Crime
  • Editorial Column
  • Jobs
  • Personality Interview

Recent Posts

  • DONE DEAL: Man Utd Complete Marcel Sabitzer Loan Transfer
  • DONE DEAL: Chelsea Sign Enzo Fernandez From Benfica For Record Fee
  • Ukraine On High Alert As Russia Plans ‘Major Escalation’ Of War
  • NATO Chief Stoltenberg Calls For Stronger Ties With Japan
  • ADVERTISE ON EKOHOTBLOG
  • DISCLAIMER
  • PRIVACY POLICY
  • CONTACT US
  • OUR TEAM

© 2022 Ekohotblog

No Result
View All Result
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Business
  • EKO News
  • EPE News
  • Entertainment Package
  • Jobs

© 2022 Ekohotblog

MGID