CBN To Slam Fine On Banks For Breaching Counterfeit Notes Law

The Central Bank of Nigeria (CBN) says it will slam a fine on
commercial banks found culpable of breaching the law on counterfeit
notes.

While appearing on Channels Television’s Business Morning on
Thursday, CBN’s Director of Currency Operations, Priscilla Ejeje,
said the move is part of the apex bank’s reforms to ensure there
are clean notes in circulation.

“Once notes are unfit, they are expected to be withdrawn from
circulation. That is our job as a Central Bank. We have told them
(commercial banks), we have been engaging them.

“And we believe that they will do their bits. And this time
around, we are giving a voice to the public. We have a having a lot
of sensitisation all over the country so that the public will also
know what their right is and that they have a right to complain to
the Central Bank

“So we will go in and investigate a breach and of course we have
told them that beginning with counterfeit, there is a penalty for a
breach. And that penalty is one million naira per finding in any
branch,” she stated.

Reacting, the Director of Corporate Communication at the apex
bank, Isaac Okoroafor, said counterfeiting is a serious offence
under the law.

While calling on the public to report any incident of fake or
unfit currency, the CBN spokesman explained that the rationale
behind it is to reduce the menace.

“It is the role of individuals to report any breach of this
policy and guidelines to us and it is our role to take action.

“It is also the role of the banks to ensure that unfit notes are
returned to us. It is our role to ensure we destroy that note and
issue a new one to replace it.”

According to Okoroafor, the cost of currency management and
minting by the Central Bank is enormous, hence the need to ensure
that only clean notes are in circulation.

Subscribe ToNairalaw News!

NAHCON, NDLEA Partner towards drug-incident-free
Pilgrimage

The National Hajj Commission of Nigeria (NAHCON) commends the
effort of the National Drug Law Enforcement Agency (NDLEA) for
unraveling the drug trafficking circle of criminals notorious for
planting drugs in innocent travelers’ luggage thereby implicating
them in a crime they know nothing about.

The two agencies will continue to work together in ensuring a
drug-incident-free Umrah season and Hajj 2019 period.

Thankfully, this discovery has given hope for the redemption of
Zainab Habibu Aliyu from incarceration, the young lady who pleaded
ignorance of a drug baggage tagged in her name. Consequently, the
Commission has ordered its lawyers in Saudi Arabia to compliment
efforts of the Nigerian mission in the Kingdom in securing Zainab’s
timely release back to the country.

Furthermore, the Commission, in collaboration with sister
agencies, will deploy the necessary staff and technology at Hajj
departure centers nationwide to ensure security of pilgrims and
their luggage against abuse and drug peddling in any guise.

Fatima Sanda Usara,
Head, Public Affairs Division,
NAHCON