BREAKING: CBN issues strong warning to Nigerians over use of Naira counterfeit

The Central Bank of Nigeria (CBN) has cautioned Nigerians that counterfeit Naira banknotes are on the rise in the country.

The warning comes at a time when Nigerians are experiencing cash shortages across the country’s big cities.

The apex bank advised the public, financial institutions, and money changers to remain attentive and take the appropriate precautions to avoid falling prey to counterfeiters in a statement issued on Friday.

The statement, titled;

“Beware of Counterfeit Naira Banknotes in Circulation,” said high-denomination bills, being used for transactions in major cities, are particularly being counterfeited.

“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, or branch of the Central Bank of Nigeria.

“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”, the statement reads.

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