Beware of counterfeit naira notes, CBN alerts Nigerians

The Central Bank of Nigeria (CBN) has alerted Nigerians to beware of counterfeit naira banknotes in circulation.

The apex bank in a statement by its Ag. Director, Corporate Communications, Mrs Hakama Sidi Ali, enjoined Deposit Money Banks, Financial Houses and Bureau de Change to be more vigilant.

It warned perpetrators that making counterfeit notes or coins is an offence punishable by a term of imprisonment not less than 5 years.

“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 counterfeit notes are “especially higher denominations” spent “by some individuals for transactions in food markets and other commercial centres across major cities in the country.”

“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 [email protected].

“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. Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications December 08 2023.