Alert: Central Bank of Nigeria Circular COD/DIR/INT/CIR/001/006

Title: Re-Treatment of Composed Banknotes

Summary: The Central Bank of Nigeria has issued a circular to all Deposit Money Banks requesting their attention to the treatment of Composed Banknotes. The circular states that the existence of Composed Banknotes in the economy distorts the true value of Currency in Circulation and can be used for fraudulent activities. It further imposes a penalty of 400% of the value for any Composed Banknote found in the deposits of the DMBs.

Posted on: Friday, April 01, 2022

Download: COD/DIR/INT/CIR/001/006