CBN warns public against fake naira notes

NewsroomDecember 9, 20232 min

The apex bank cautioned those circulating the fake naira notes to be wary of possible breach of the law and the consequence of jail term

CBN and fake naira notes
CBN Governor, Yemi Cardoso

The Central Bank of Nigeria (CBN) has alerted the public to the circulation of fake naira notes in the country.

A statement signed by Sidi Ali Hakama, acting director of communications of the bank, reminded the public to beware of using the fake notes because it is an offence which attracts a five years jail term.

The statement said the counterfeit banknotes are common in the higher denominations and mentioned that “some individuals for transactions in food markets and other commercial centres across major cities in the country.

“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 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 contactcbn@cbn.gov.ng.

“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, e- channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”

Newsroom

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