CBN warns Citizens against Counterfeit Naira Banknotes In Circulation
(Business Africa Digest)-The Central Bank of Nigeria(CBN) has warned citizens to be wary of reported counterfeit banknotes in circulation, saying that transacting in them would lead culprits to jail.
The development is coming amid reports of 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 apex bank said “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, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng.
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.
