The Central Bank of Nigeria (CBN) has issued a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ directing Deposit Money Banks, Financial Houses, Bureau de Change, and the public to exercise heightened caution and take necessary precautions.
The CBN affirmed its commitment to addressing the issue and informed that it is actively collaborating with law enforcement agencies to apprehend individuals involved in the unlawful production and distribution of fake Naira notes.
The warning specifically pointed out the prevalence of counterfeit banknotes, particularly in higher denominations, being utilized in transactions within food markets and various commercial centers across major cities in the country.
Quoting Section 20(4) of the CBN Act (2007) as amended, the statement emphasized the severity of the offense, stating, “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 encouraged the public to actively participate in combating this issue by reporting any suspicions of counterfeit Naira notes to the nearest police station or branch of the Central Bank of Nigeria.
The statement concluded with a call to action, urging all financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change, as well as the general public, to exercise increased vigilance and adopt necessary precautionary measures to prevent the acceptance and circulation of counterfeit notes.
