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Nigeria probes fake ATM money

04 July 2013, 07:32

Abuja - Nigeria is investigating the prevalence of fake notes in automated teller machines (ATM) in the country.

The House of Representatives has mandated its committee on Banking and Currency to probe alleged fraud.

Yusuf Tajudeen, a member of the House, who moved for the motion said the problem was a matter of "urgent national importance."

“Many law abiding citizens have been victims of this unfortunate and immoral practice which has led to the loss of funds by Nigerians. In most cases victims of the fake Naira notes dispensed by the ATMs, suffer neglect, anxiety and confusion as no concrete and proactive measures are taken by commercial banks to correct these anomalies," he added in Abuja.

Tajudeen said if the problem was not investigated, it would hinder the viability and success rate of the new cashless policy.

The Central Bank of Nigeria introduced ATMs in 2001 as a platform for transacting business.

They offer such services as money transfer, payment of utilities and similar transactions which have impacted positively on banking operations and service delivery.

- CAJ News



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