The Central Bank of Nigeria CBN on Friday raised the alarm over circulation of counterfeit Naira notes in circulation warning the general public to beware of the fake notes in their daily transactions.
In a statement signed by Mrs. Sidi Ali, Hakama the apex bank’s Acting, Director, Corporate Communications, which was made available to newsmen in Abuja on Friday, warned that the attention of the Bank was 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.
The statement reads in parts; “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.
“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 counterfert banknotes”.
