The Central Bank of Nigeria (CBN) says its attention 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.
The bank in a statement 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 statement signed by Hakama Sidi Ali, acting Director, Corporate Communications stated that the apex regulator is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters. She encouraged the public 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.
The statement further asked all Deposit Money Banks, Financial Houses and Bureau de Change operators to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
Sidi Ali encouraged the public to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
