- The Central Bank of Nigeria (CBN) alerts on the presence of counterfeit Naira banknotes, urging vigilance and precautionary measures
- CBN emphasizes collaboration with law enforcement, warns against counterfeiting, and encourages the public to report suspected counterfeiters for prosecution
The Central Bank of Nigeria (CBN) has raised an alert regarding the presence of counterfeit Naira banknotes in circulation. The apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise caution and implement necessary precautions.
Expressing its commitment to addressing the issue, the CBN assured the public that it is actively collaborating with law enforcement agencies to apprehend those responsible for circulating counterfeit currency. The statement emphasized the severity of the offense, citing Section 20(4) of the CBN Act (2007) as amended, which states that falsifying, making, or counterfeiting any legal tender issued by the Bank is punishable by a term of imprisonment of not less than five years.
The CBN highlighted the circulation of higher denomination counterfeit banknotes in transactions across major cities, particularly in food markets and commercial centers. The bank emphasized its ongoing collaboration with security and financial agencies to confiscate fake Naira banknotes and prosecute counterfeiters.
To further combat the issue, the public is encouraged to report any suspected individuals dealing with counterfeit Naira notes to the nearest police station or a branch of the Central Bank of Nigeria. Additionally, the CBN called on Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautionary measures to curb the acceptance and distribution of counterfeit notes.
This warning serves as a reminder of the legal consequences associated with the counterfeiting of currency and aims to foster collective efforts in maintaining the integrity of the Nigerian currency.