The Central Bank of Nigeria (CBN) has issued a cautionary statement regarding the increasing circulation of counterfeit banknotes, particularly in higher denominations, within food markets and commercial centers across major cities in the country.
In accordance with Section 20(4) of the CBN Act (2007) as amended, the bank emphasizes that falsifying, making, or counterfeiting any legal tender banknote or coin issued by the CBN is a punishable offense, carrying a minimum prison term of 5 years.
The CBN is actively collaborating with relevant security and financial agencies to combat the circulation of fake Naira banknotes. The bank urges the public to report any suspicion of counterfeit currency to the nearest police station, a branch of the Central Bank of Nigeria, or through the designated email [email protected].
All financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change, are called upon to enhance their vigilance and adopt necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes.
Furthermore, the general public is advised to consider alternative modes of payment, such as electronic channels, for day-to-day transactions as a proactive measure to reduce the risk of encountering counterfeit banknotes.
