• Friday, March 01, 2024
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CBN alerts on fake naira notes in circulation

How reforms can boost productivity as money supply rises 77%

The Central Bank of Nigeria (CBN) alerted the public about counterfeit naira notes, especially higher denominations in circulation.

The CBN said 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.

In a statement signed by its Acting Director, Corporate Communications, Sidi Ali, Hakama, the apex bank, further drew the public’s attention to the legal implications of circulating fake bank notes as culprits will face the wrath of the law.

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”, it stated.

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

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“Public members 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 [email protected].”

It further urged all deposit money banks, financial houses, Bureau de Change, and the general public to be more vigilant and take all necessary precautionary measures to curb the acceptance and distribution of counterfeit notes.

It also encouraged the public to embrace alternative modes of payment, such as e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.