CBN will no longer accept mutilated naira notes from banks: Official
The Central Bank of Nigeria 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.
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.
“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)
More from Peoples Gazette
Economy
Buhari regime will continue to borrow without subsidy removal: Femi Adesina
“You know how much could have been saved if the subsidy was removed and how it could have been diverted to other areas and spheres of national life.
States
Ekiti residents want death penalty for kidnappers
Some of the residents who spoke with journalists said it was time for the state government to take drastic actions against perpetrators of kidnapping in the community.
NationWide
Train Bombing: NRC says 21 passengers still missing, seven coaches recovered
Mr Okhiria noted that the corporation was working with security agencies to rescue the missing persons.
Faith
Buhari driving Nigeria towards economic collapse: Pastor Adeboye
Mr Adeboye asserted that more than 90 per cent of the proceeds of the leftover stolen fuel were used in servicing debt interests accumulated by Nigeria.
Politics
APC vows to take over South-East in 2023
APC deputy national chairman, South, Emma Eneukwu, who addressed the crowd noted that APC would win governorship elections in the entire state of the South-East.
Politics
With BVAS, ghosts won’t vote in Ekiti, Osun elections: INEC
“People believe that those who have quarantined Permanent Voter Cards (PVCs) will not be in a position to use them.”
States
Four dead, 30 injured in Yobe mosque collapse; Gov. Buni condoles with victims
The mosque collapsed on March 31, killing four persons while 30 others sustained various degrees of injuries.
