Monday, May 13, 2013


Disturbing development in the banking industry as some banks’ Automated Teller Machines (ATMs) now dispense fake currencies, particularly the N1000 notes, which is the highest denomination in the country.
A drama played out last week in Lagos when 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.

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