Reps To Investigate Banks Over ATMs’ Dispensing Fake Notes

The House of Representatives yesterday passed a resolution to probe the reported cases of fake naira notes being dispensed by Automated Teller Machines (ATMs), in some parts of the country.

The lawmakers argued that the negative trend could affect the cash-less economic policy of the Central Bank of Nigeria (CBN) and the economic growth of the country at large.

Consequently, the Deputy Speaker, Emeka Ihedioha, who presided over the plenary session, mandated the House Committee on Banking & Currency to investigate the matter and report back to the House in three weeks.

ATMsMoving the motion at a plenary session of the House, Rep. Tajudeen Yusuf (PDP, Kogi), noted that since the deployment of ATMs and acceptance of their use by bank customers, it has impacted positively on banking operations (service deliver) and ensured safety of customers funds.

Despite its advantages, Rep. Yusuf expressed worry over the growing incidence of fake naira notes dispensed by the machines.

He said: “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.”

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