CBN Issues Warning on Circulation of Counterfeit Naira Notes

In the midst of Nigeria’s currency scarcity, the Central Bank of Nigeria (CBN) has issued a stern caution to citizens regarding the proliferation of counterfeit Naira banknotes.

On Friday, the apex bank released an official notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ highlighting the urgency of the situation. The CBN urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise heightened vigilance and undertake necessary precautions.

The statement reassured the public that the CBN is actively collaborating with law enforcement agencies to apprehend those responsible for the circulation of counterfeit currency.

The notice stated, “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 centers across major cities in the country.”

Emphasizing the severity of the issue, the CBN invoked Section 20(4) of the CBN Act (2007) as amended, which deems it an offense punishable by a term of imprisonment of not less than 5 years for anyone involved in falsifying or counterfeiting legal tender in Nigeria.

The CBN further emphasized ongoing collaboration with relevant security and financial agencies to seize fake Naira banknotes, apprehend counterfeiters, and ensure legal consequences. The public was urged to report suspicions of counterfeit notes to the nearest police station or the nearest branch of the Central Bank of Nigeria.

In light of the escalating threat, the statement concluded with a call to action: “Meanwhile, all Deposit Money Banks, Financial Houses, 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.”