Just in: CBN cautions Nigerians on fake Naira notes in circulation
As Nigerians continue to struggle with currency shortages, the Central Bank of Nigeria has warned citizens to be mindful of counterfeit Naira banknotes in the country.
The CBN gave the warning in a statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation’.
The statement pointed out that counterfeit banknotes, especially higher denominations, are being circulated by some individuals for transactions in food markets and other commercial centres across major cities in the country.
It encouraged Nigerians to report anyone suspected of having counterfeit naira notes to the nearest police station, or branch of the Central Bank of Nigeria.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.
“For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: “It shall be an offence punishable by a term of imprisonment of not less than 5 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 in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters. Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, or branch of the Central Bank of Nigeria.
“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes”, the statement concluded.
