The Central Bank of Nigeria has issued a cautionary warning to Nigerians regarding the presence of counterfeit naira notes in circulation, as the country grapples with reports of a currency shortage. In an official statement released on Friday, titled 'Beware of Counterfeit Naira Banknotes in Circulation,' the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the public to exercise caution and implement necessary safeguards. Emphasizing its commitment to addressing the issue, the Central Bank assured the public that it is collaborating with law enforcement agencies to apprehend those responsible for the dissemination of fake currency.
The statement highlighted the prevalence of counterfeit banknotes, particularly in higher denominations, being used in transactions within food markets and other commercial centers across major cities in Nigeria. Quoting Section 20(4) of the CBN Act (2007) as amended, the statement underscored that falsifying, making, or counterfeiting any legal tender banknote or coin issued by the Bank is a punishable offense, carrying a minimum imprisonment term of five years.
The Central Bank emphasized its ongoing collaboration with relevant security and financial agencies to identify and confiscate fake naira banknotes while ensuring the arrest and prosecution of counterfeiters. Additionally, the public was encouraged to report any suspicions of individuals dealing with counterfeit naira notes to the nearest police station or a branch of the Central Bank of Nigeria.
The statement concluded by urging Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautionary measures to curb the acceptance and circulation of counterfeit notes.
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