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Published On: Thu, Jul 4th, 2013

Reps Queries CBN on Fake ATM Currency Notes

LAGOS JULY 4TH (URHOBOTODAY) The House of Representatives said on Wednesday that it had written to the Central Bank of Nigeria to explain the source of fake currency naira notes being dispensed by Automated Teller Machines of some banks.
Lawmakers claimed that they had received at least two complaints from members of the public on the fake currency notes.
The Chairman, House Committee on Banking/Currency, Mr. Chukwudi Jones-Onyereri, told members that the committee stepped into the matter immediately it received the reports.

“The Committee on Banking/Currency has directed the Clerk to write the CBN for explanations. We are aware of the problem and the committee is already looking into it,” he said.
Jones-Onyereri briefed the House on the steps taken by the committee following a motion sponsored by a member from Kogi State, Mr. Tajudeen Yusuf.
Yusuf recalled that two months ago, a customer went to an ATM in Ibadan, the Oyo State capital, and the machine allegedly dispensed fake notes.
“At the time, they thought it must have been a mistake, but there are more complaints from different ATMs now. In Abuja, a similar case was reported recently,” he said.
According to him, the dispensing of fake currency notes will affect the smooth implementation of the CBN’s cash-less policy should Nigerians lose confidence in the ATMs.
Yusuf alleged that a syndicate involving bank employees might be at work.
“Someone must have put the fake notes in the ATM; the machine can only dispense what was placed inside it,” he added.
The committee will produce a report on its findings to the House after meeting with the CBN.
The Deputy Speaker, Mr. Emeka Ihedioha, presided over Wednesday’s session.

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