The Central Bank of Nigeria (CBN) on Friday advised the public to beware of counterfeit Naira banknotes in circulation following its attention drawn to the menace, especially of higher denominations, by some individuals for transactions across major cities in the country.
The apex bank, in a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali-Hakama, stressed that for the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, stated 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.”
To curb the menace and ensure that criminals involved in the unpatriotic act are punished, the apex bank indicated that it was in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.
It further stated: “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, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes”, the apex bank added.
