Counterfeit Banknotes in Circulation, Central Bank Alerts Nigerians 

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ZAINAB TANIMU
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Counterfeit Banknotes in Circulation, Central Bank Alerts Nigerians

Zainab Tanimu

Kaduna, Northwest Nigeria

The Central Bank of Nigeria (CBN) has drawn the  attention of Nigerians to the existence of  “counterfeit banknotes” in circulation.

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The higher denominations, are used by some individuals for transactions in food markets and other commercial centres across major cities in the country. It warned.

The alert was issued in a statement  signed by Ag. Director, Corporate Communications, Mrs. Sidi Ali, Hakama, Friday, 8th 2023 and made available to newsmen.

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The statement urged members of the public to report people suspected to have counterfeit Naira notes to the nearest police station while calling on

banks and other financial institutions to be more vigilant.

The statement reads thus:
“The attention of the Central Bank of Nigeria (CBN) 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.
“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.”
“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.”
To mitigate the risk of spreading counterfeit banknotes, the Apex bank is advising that the general public embrace alternative modes of payment, echannels, for day-to-day transactions.
Hakaman stressed.

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