gtag('config', 'G-4J8L8BEK7P');
Connect with us

Hi, what are you looking for?

Business

CBN STOPS COLLECTION OF MUTILATED NAIRA NOTES FROM BANKS

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks to stop bringing “composed banknotes” as part of their deposits with the apex bank.

The warning is contained in a circular issued in Abuja by Ahmed Umar, the Director, Currency Operations Department of CBN, which he said took effect from April 1.

Composed banknotes are mutilated currency notes comprising several parts of different banknotes of the same denomination.

Advertisement. Scroll to continue reading.

The parts of such currency notes are usually put together with the intention of receiving value.

Mr Umar said that the existence of such banknotes in the economy falsified the true value of currency in circulation, and could also be avenue for fraudulent activities.

He said that henceforth, composed banknotes discovered in the deposit of DMBs shall attract a penalty of 400 per cent 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.

Advertisement. Scroll to continue reading.

“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 per cent of the value,” he said.

(NAN)

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

In other news

Economy

Nigeria’s inflation rate accelerated to a new 17-year high of 21.09% in October 2022, marking a 0.32% points increase from 20.77% recorded in September. The...

Economy

The Nigerian naira and Ghana’s cedi have been ranked as the world’s two worst-performing currencies, with the naira losing 37 per cent of its...

Economy

The currency of Nigeria, naira’s value has hit a record low, tumbling to a new low of N1005 to the British pound sterling on...

Economy

Barely five days after the Central Bank of Nigeria (CBN) announced plan to redesign the naira notes, scarcity of foreign exchange has worsened in...

Business

The Central Bank of Nigeria (CBN) said it will start circulating the newly redesigned N200, N500, and N1000 naira notes starting December 2022. The CBN Governor,...

Economy

The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022, which is the highest rate recorded...

Advertisement