2022-04-01 | COD/DIR/INT/CIR/001/006

Re-Treatment of Composed Banknotes

The Central Bank of Nigeria is addressing the issue of Composed Banknotes, which are counterfeit banknotes made from parts of different genuine banknotes of the same denomination. The Bank has noticed an increase in Composed Banknotes deposited by Deposit Money Banks and requested by the public. To deter this practice, the Bank will impose a penalty of 400% of the value of any Composed Banknote discovered in deposits from April 1, 2022.

Nigeria

Central Bank of Nigeria

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