Bank`s ATM Machines Dispense Fake Currency Notes In Nigeria.

This sad development in the banking industry is becoming a worrisome issue as some ATM machine are now dispensing fake Naira notes especially N1000 notes, the highest currency denomination in Nigeria today.

This past week, a customer who withdrew money from an old generation bank went to another bank few metres away to deposit part of the money in another bank, but was shocked when the cashier told him that some of the N1000 notes were fake. Efforts to explain the source of the money were rebuffed. The cashier and customers in that bank confirmed that the development was not strange but was now becoming rampant.
Another victim who withdrew some amount of money from an ATM in Ibadan was stunned when he was told by a cashier in his office, in an attempt to make some deposit, that two of the one thousand naira notes were fake.

A head of corporate affairs in one of the banks who pleaded anonymity, did not rule out the handiwork of people he described as ‘bad elements’ in the system.

According to him, there is need for the banks to take extra vigilance on those uploading money into the ATMs and double-check bundle of currency notes being put in the vaults by the Tellers.

A financial analyst and Chief Operating Officer, Twinsronk Consulting, Okechukwu Amadi, said ATM has revolutionised banking in Nigeria, calling on the industry regulator, Central Bank of Nigeria (CBN) to take bold step to stop the disturbing trend.

He warned that the act should not be allowed to spread as it was capable of rubbishing the nation’s banking system. “I have it before but I thought it was all a rumour. One can understand the use of fake currency in public place certainly not in the bank. CBN and banks must put measures in place to stem it or else, people will lose faith in the ATM technology,” he said.