The Central Bank of Nigeria (CBN) has issued a cautionary statement alerting the public, Deposit Money Banks, Financial Houses, and Bureau de Change to the prevalence of counterfeit naira notes.
The CBN urges increased vigilance, implementing necessary precautions, and adopting alternative payment methods to mitigate risks.
While working with law enforcement, the CBN emphasizes the severity of counterfeiting under Section 20(4) of the CBN Act and encourages the public to report suspected cases.
Financial institutions and the public are advised to be vigilant, taking measures to prevent the acceptance and circulation of counterfeit currency.
The statement reads in part, “The attention of the Central Bank of Nigeria has been drawn to the circulation of counterfeit banknotes, significantly higher denominations, by some individuals for transactions in food markets and other commercial centers 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 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 CBN is constantly collaborating with relevant security and financial agencies to confiscate fake Naira banknotes and 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.”
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”
