Fake Naira Notes At ATMs: House Orders Investigation

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Sanusi Lamido Sanusi, CBN GovernorIn a swift reaction to the incessant cases of some Automated Teller Machines (ATMs) dispensing fake naira notes in some parts of the country, the House of Representatives has ordered the its Committee on Banking & Currency to investigate issue.

According to the House,  the negative trend has the potential of affecting the cash-less economy policy and the economic growth of the country at large.

Tajudeen Yusuf, representing PDP Kogi state that moved the motion said that there are growing incidences of fake naira notes dispensed by ATM machines.

Yusuf said that “It is disturbing that many law abiding citizens have been victims of this unfortunate, unprofessional and immoral practice, which has led to the loss of legitimate funds by Nigerians.

“More worrisome is that in most cases, victims of the fake naira notes dispensed by ATMs, suffer neglect, anxiety and confusion, as no concrete and proactive measures are taken by commercial banks to correct these anomalies; immediately.

“It is of great concern that the dispense of fake naira notes by the ATMs may grossly affect the operation, viability and success-rate of the recently introduced Cashless Policy by the Central Bank of Nigeria (CBN). Not that alone,  this negative trend has the potential of eroding public confidence in our banks, impede smooth banking transactions, throw-up ethical questions, slow -down investment and affect economic growth.” Yusuf added

Consequently, House Committee on Banking & Currency has been mandated to investigate the matter and report back to the House in three weeks.