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Reps probe banks for fake-note-dispensing ATMs

By The Rainbow
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The House of Representatives on Wednesday resolved to probe cases  of fake naira notes being dispensed by Automated Teller Machines (ATMs) in the country.

Following a motion by Tajudeen Yusuf (PDP, Kogi) highlighting the ugly trend,  the House mandated House Committee on Banking & Currency to investigate the matter and report back to it in three weeks.

The lawmakers were apprehensive of the negative consequences of such a trend on the burgeoning e-payment system in the country.

The particularly noted that it posed serious danger to the cash-less policy, which the Central Bank of Nigeria, has been pushing in major financial centres of the country, and the economic growth of the country at large.

Yusuf (PDP, Kogi) noted that the increasing use of Automated Teller Machine (ATM)  has impacted positively on banking operations and enhanced the safety of customers' funds.

But he said it was preposterous that fake naira notes could be funneled through the ATM system to unsuspecting ATM users.

He said that the incidence has been growing and needed to baled before it ruin the gains already recorded in cashless transactions.

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.'