CBN raises alarm over counterfeit Naira notes in circulation

The Central Bank of Nigeria (CBN) has raised alarm over the circulation of counterfeit banknotes across the country.

According to the apex bank, the fake naira notes especially higher denominations, are being used by some individuals for transactions in food markets and other commercial centres in some major cities across the country.

The CBN’s Acting Director for Corporate Communications, Mrs Hakama Sidi Ali, who made the disclosure in a statement issued on Friday, warned that it is a punishable offence by a term of imprisonment of not less than five years for any person to falsify or counterfeit any bank note or coin issued by the CBN.

The apex bank said that it is in constant collaboration with relevant security and financial agencies to confiscate the fake naira notes as well as arrest and prosecute the culprits.

The statement said: ‘’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, 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, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.’’