The Central Bank of Nigeria (CBN), has warned Deposit Money Banks (DMBs) to stop bringing mutilated banknotes as part of their deposits with the apex bank.
In a circular issued in Abuja by Ahmed Umar, the Director, Currency Operations Department of CBN, the apex bank said the warning took effect from April 1.
Composed banknotes or mutilated Naira notes comprise 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 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 in the number of composed banknotes deposited by DMBs and request for replacement of such banknotes by members of the public.
“The existence of composed banknotes in the economy falsifies 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.
Crusoe Osagie I initially chose to remain silent in response to your recent statements, but…
Tragedy has struck in the city of Ibadan following a stampede that occurred at Agidigbo…
As 2024 draws to a close, TECNO’s impact on the tech landscape is undeniable. This…
There was drama at the national assembly when President Bola Ahmed declared an automatic re-election…
President Bola Tinubu is currently at the National Assembly a 2025 budget estimate of N47.9…
The Nigerian Electricity Regulatory Commission (NERC) has stated that the government of Nigeria paid N199…