Cbn imposes fine on banks that pay counterfeit money

I think there may be a mistake here.

The Central Bank of Nigeria (CBN) does not impose fines on banks that pay counterfeit money. In fact, the CBN has a responsibility to ensure the integrity of the Nigerian currency and to prevent the circulation of counterfeit notes.

If a bank accepts and pays out counterfeit money, it is actually a violation of the bank's obligations and could lead to serious consequences, including fines and penalties. The CBN has strict regulations and guidelines in place to prevent the acceptance and payment of counterfeit currency, and banks that violate these regulations can face severe penalties.

In fact, the CBN has a dedicated department, the Currency Operations Department, which is responsible for detecting and preventing the circulation of counterfeit currency. The department works closely with banks and other financial institutions to ensure that only genuine currency is in circulation.

So, to summarize, the CBN does not impose fines on banks that pay counterfeit money. Instead, it works to prevent the acceptance and payment of counterfeit currency and takes action against banks that violate its regulations.