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The Central Financial institution of Nigeria, on Friday, stated its consideration had been drawn to the circulation of counterfeit banknotes.
The banking regulator famous that the counterfeit notes had been widespread with larger denominations by some people for transactions in meals markets and different industrial facilities throughout main cities within the nation.
It stated this in a press release signed by the performing Director, Company Communications, CBN, Mrs Sidi Hakama, on Friday.
This growth got here as financial institution depositors continued to complain of money scarcity, each from Automated Teller Machines and over-the-counter within the banks.
Naira shortage had lingered, regardless of the CBN’s directives to the banks to proceed to challenge, and settle for outdated and redesigned naira banknotes.
Observations by Saturday PUNCH throughout visits to some banks and ATMs in the course of the week revealed that banks had been rationing money funds over-the-counter, whereas withdrawal limits had been positioned on ATMs.
For example, in Lagos at GTB, Gate Ejigbo, ATM’s had been noticed to be paying simply N5,000 to non-bank prospects, whereas prospects of the financial institution may withdraw as a lot as N20,000. Eco Financial institution at Gate, Ejigbo paid non-bank prospects as much as N10,000, whereas financial institution prospects may withdraw as excessive as N20,000.
A financial institution depositor, Chuks Daniel, stated he visited three completely different banks in Owerri solely to be given N50,000 at his third try. One other buyer, Wura Adebayo, stated she went to UBA financial institution however was allowed to withdraw solely N50,000.
Nevertheless, within the newest growth, the CBN stated, “For the avoidance of doubt, Part 20(4) of the CBN Act (2007) as amended, states that: It shall be an offence punishable by a time period of imprisonment of not lower than 5 years for any individual to falsify, make or counterfeit any financial institution notice or coin issued by the Financial institution which is authorized tender in Nigeria.
“The CBN is in fixed collaboration with related safety and monetary businesses to confiscate faux naira banknotes, arrest and prosecute counterfeiters. Members of the general public are additionally inspired to report anybody suspected of getting counterfeit naira notes to the closest police station, department of the Central Financial institution of Nigeria or by way of [email protected].”
The banking regulator urged all Deposit Cash Banks, monetary homes, Bureau de Change operators and most people, to be extra vigilant and take all needed precautionary measures to curtail the acceptance and distribution of counterfeit notes.
“Moreover, most people is inspired to embrace various modes of fee, e-channels, for day-to-day transactions to mitigate the danger of spreading counterfeit banknotes,” it said.
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