Alert to Nigerians regarding the circulation of counterfeit Naira banknotes.
The Central Bank of Nigeria (CBN) has assured the public that it is collaborating with law enforcement agencies to apprehend those responsible for circulating fake currency.
The Central Bank of Nigeria (CBN) has issued a warning to Nigerians to beware of fake naira notes in circulation.
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to be watchful and take necessary precautions against the circulation of counterfeit currency. The apex bank released a statement on Friday informing individuals and organizations to stay alert and implement appropriate measures to avoid being victims of counterfeit banknotes.
The CBN has also assured the public that it is collaborating with law enforcement agencies to track down those responsible for circulating fake currency. The bank has advised the public to adopt alternative modes of payment for their day-to-day transactions to reduce the risk of spreading counterfeit banknotes.
The Central Bank of Nigeria (CBN) has issued a statement regarding the circulation of counterfeit banknotes with significantly higher denominations. These notes have been used for transactions in food markets and other commercial centers across major cities in the country.
It is important to note that falsifying, making or counterfeiting any banknote or coin issued by the CBN is a criminal offence punishable by a minimum of five years imprisonment as stated in Section 20(4) of the CBN Act (2007) as amended: “It shall be an offence punishable by a term of imprisonment of not less than five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”
The CBN is working regularly with relevant security and financial agencies to confiscate fake Naira banknotes and arrest and prosecute counterfeiters.
The public is also encouraged to report anyone suspected of having counterfeit Naira notes to the nearest police station or branch of the Central Bank of Nigeria to combat this illegal activity. “All deposit money banks, financial houses, bureau de change, and the general public are advised to remain vigilant and take necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes.
Additionally, the public is encouraged to use alternative modes of payment, such as e-channels, for day-to-day transactions to mitigate the risk of counterfeit banknotes spreading.”
