Regulatory Alerts2019-01-31 | COD/DIR/GEN/CNF/18/050Added · Updated
Penalty for Payment of Counterfeit Banknotes from ATMs/Teller Points
The Central Bank of Nigeria has noticed that some deposit money banks (DMBs) are dispensing counterfeit banknotes through their ATMs and teller points. To address this issue and maintain public trust in the national currency, the CBN has developed Banknote Fitness Guidelines and a Clean Note Policy. The CBN will conduct spot checks on DMBs' ATMs and teller points and impose a penalty of ₦1,000,000 per branch for non-compliance.
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