CBN Warns Nigerians of Counterfeit Banknotes In Circulation
By Patience Ikpeme
The Central Bank of Nigeria (CBN) said there is an upsurge of counterfeit bank notes on higher denominations in the country.
The CBN said these monies are being used in transactions within food markets and commercial centres Nationwide.
This was disclosed in a press statement signed by Sidi Ali, Hakama (Ag. Director, Corporate Communications, on Friday in Abuja.
To tackle this incidence of currency counterfeiting, the CBN has urged all Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to be more cautious and implement necessary precautionary measures to steam the acceptance and circulation of these counterfeit currency.
To stress the importance of these, section 20(4) of the CBN Act (2007), as amended stipulates stringent penalties , including imprisonment for no less than 5 years for individuals found guilty of falsifying , making or circulating any banknote or coin issues by the CBN as legal tender in Nigeria.
The CBN is networking with relevant security and financial agencies to seize counterfeit Naira notes, apprehend perpetrators, and ensure legal prosecution.
Also, the public is encouraged to immediately report any suspected cases of counterfeit currency possession to the nearest police station, local branch of the Central Bank of Nigeria, or via contactcbn@cbn.gov.ng
The public is also advised to adopt alternative payment modes such as eChannels for their day-to-day transactions in other to reduce the risk associated with counterfeit banknotes in circulation.
