CBN Raises Alarm Over Fake Naira Notes in Circulation 

The Central Bank of Nigeria (CBN), on Friday, raised the alarm on the circulation of counterfeit banknotes in the country.

The ‘fake’ notes, CBN said are mostly in higher denominations deployed by some individuals for transactions in food markets and other commercial centres across major cities in the country.

A statement issued by the Acting Director, Corporate Communications department of Apex Bank, Sidi Ali, Hakama (Mrs), said it enjoined the public to report anyone suspected of having counterfeit naira notes to the nearest police station or CBN nearest branch.

“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 statement read.

The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, and arrest and prosecute counterfeiters.

“They directed Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.

“The general public is encouraged to embrace alternative modes of payment, channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”