The Central Bank of Nigeria (CBN) on Wednesday said it will impose a penal fee of N1 million per branch of Deposit Money Banks (DMBs) for payment of counterfeit banknotes from ATMs and teller points.
In a circular signed by Priscilla Eleje, director, currency operations department, CBN, the regulator also said it will carry out spot checks on banks ATM and teller points to ensure compliance of banknote fitness guidelines and clean note policy.
This development follows the CBN’s observation with concern the incidences of counterfeits paid through banks’ ATMs/teller points.
To address this amongst other, the CBN in collaboration with key currency management stakeholders developed banknote fitness guidelines and clean note policy documents for the industry.
HOPE MOSES-ASHIKE
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
