CBN Issues Strong Warning as Fake Naira Notes Circulate Nigeria Few Days to Christmas

CBN Issues Strong Warning as Fake Naira Notes Circulate Nigeria Few Days to Christmas

  • CBN has warned those involved in spreading fake money in the country to stop the act or face sanctions
  • According to the CBN, counterfeit currencies are circulated in food markets and other commercial centres
  • It noted that those found wanting for the act would be prosecuted, and the fake naira banknotes confiscated

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria (CBN) has warned individuals involved in the circulation of counterfeit banknotes to desist from the criminal act or face prison time.

CBN issues strong warning as fake money circulates Nigeria few days to Christmas
CBN noted that counterfeit banknotes are being circulated in the food markets and other commercial centres. Photo Credit: CBN
Source: UGC

It said this in a statement signed by Sidi Ali, the CBN's Acting Director for Corporate Communications, on Friday, December 8, 2023.

This comes as Nigerians are stocking up items from the market in preparation for Christmas and the new year, amid the renewed naira scarcity that has affected many states in the country.

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Offenders to be punished

The apex bank noted that counterfeit banknotes are being circulated in the food markets and other commercial centres across major cities in the country.

As punishment for the offence, the CBN cited Section 20(4) of the CBN Act (2007) as amended, which states:

“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 bank also stated that it is in constant collaboration with relevant security and financial agencies to confiscate fake naira banknotes and arrest and prosecute counterfeiters.

It urged the public 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.

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Banks and others to be more vigilant.

The bank urged all deposit money banks, financial houses, Bureau de Change, and the general public to be more vigilant and take all necessary precautionary measures to curb the acceptance and distribution of counterfeit notes.

It also encouraged the public to utilize alternative modes of payment, such as e-channels, for day-to-day transactions to allow them to mitigate the risk of spreading counterfeit banknotes.

In a recent development, the governor of the CBN has approved the bank's reviewed service charter policy document.

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Source: Legit.ng

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