CBN Raises Alarm over Fake Naira Notes in Circulation

The Central Bank of Nigeria (CBN) has raised alarm over 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.

The CBN made this announcement in a statement on Friday by its spokesperson, Hakama Sidi Ali.

“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 five years for any person to falsify, make or counterfeit any banknote or coin issued by the Bank which is legal tender in Nigeria,” the statement read in part.

The statement added that 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, branch of the Central Bank of Nigeria or via [email protected].

“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.

Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” the statement concluded.