Bank’s ATM Machines Dispense Fake Currency Notes In Nigeria


atm machines fake naira notes

May 13, 2013 – Bank’s ATM Machines Now Dispensing Fake Naira Notes In Nigeria

A very 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.

[Source: Tribune]

12 thoughts on “Bank’s ATM Machines Dispense Fake Currency Notes In Nigeria

  1. It’s very true cos it happened 2 me.went to an atm 2withdraw money n outta d 80k i withdrew 3k was fake n ididn’t notice until i went to deposit d money n in anode bank acc where d3k was perforated .it was so sad cos i had to pay d person ma monk cos d mini wasn’t mine.pls something should b done about it

  2. How can some body withdrew mony from an ATM to deposit to the bank I think the people who said the did need to be interogeted.

  3. Nigeria scatter scatter! Same thing happen to me in Dec 2010 or Jan 2011. It was even the bank that gave me fake money. I want to case a check at Union Bank and deposited the cash collected at GTB. It was at GTB that I realized that a 500 note was fake. If banks can give out fake currency, it means that Nigeria is finished.

  4. Am not surprise cus nothing is good about dis country anymore…..sha God dei……….evrtin has xpiring date includin human being………..e go bete one day!!!!

  5. It might be tru cos tins are happening dis days,fake moni shud nt shock any 1 wen human being can kil his fellow human.may GOD help us all,robbers & witches ar nt far frm u cos d person nos u,my people lets pray so dat we wil nt b a victim 2 tel a story & people wil disagree wit u.thank U

  6. @Akoriba, wel spoken, may God nt alow us 2 be a victim of evil tinzs. 9ja nawa o. Standn weL

  7. Anytin u hear dis days are tru cos d world is ful of matter what a man is passing tru here on earth,just believe in GOD cos he nos those dat believe & hav faith in him,he wil surely C u tru.wit GOD all tins ar posible.

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