Breaking: Beware of counterfeit Naira notes in circulation, CBN warns Nigerians

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The Central Bank of Nigeria, CBN, has warned Nigerians against counterfeit Naira banknotes in circulation in the country.

The CBN’s warning followed perceived fears by some Nigerians of currency shortage, which it has continuously denied.

The apex bank raised an alarm of the proliferation of counterfeit banknotes, particularly in higher denominations.

A statement by the CBN Acting Director of Corporate Communications, on Friday, Mrs Sidi Ali, titled: ‘Beware of Counterfeit Naira Banknotes in Circulation’, ststed further that the fake bank notes are being utilised in transactions within food markets and commercial hubs across major cities nationwide.

Consequently, the CBN warned all Deposit Money Banks, Financial Houses, Bureau de Change, and the public at large to heighten vigilance and implement necessary precautionary measures to stem the acceptance and circulation of counterfeit currency.

It assured that it is working with security operatives to apprehend culprits.

The statement reads: “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.”