The Central Bank of Nigeria (CBN) has alerted banks and the General public over the rampant circulation of counterfeit banknotes, especially of higher denominations. The apex bank through a statement by the Acting Director of Corporate Communications, Mrs Sidi Ali Hakama, revealed that fake banknotes are rapidly spent in food markets and other commercial hubs, and whoever is found culpable is punishable to 5 years imprisonment. In a bid to address this issue, the CBN has 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.
CBN said, “The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially 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 offense 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, branch of the CBN, or via This email address is being protected from spambots. You need JavaScript enabled to view it..
“Meanwhile, all Deposit Money Banks, Financial Houses 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.”
