Section 60: Banker paying demand draft whereon endorsement is forged.

(1) When a bill payable to order on demand is drawn on a banker, and the banker on whom it is drawn pays the bill in good faith and in the ordinary course of business, it is not incumbent on the banker to show that the endorsement of the payee or any subsequent endorsement was made by or under the authority of the person whose endorsement it purports to be, and the banker is deemed to have paid the bill in due course, although such endorsement has been forged or made without authority.
(2) A draft or order drawn by a banker on the head office or a branch of his bank in Nigeria for a sum of money payable to order on demand shall be deemed to be a bill for the purposes of this section.