CBN warns of fake Naira notes in circulation  



“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,” a statement from the apex bank has said.

The statement, which was signed by Sidi Ali Hakama (Mrs), Acting Director, Corporate Communicatio stated: “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.”

While saying that the CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters, the bank encouraged members of 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

The bank called on all Deposit Money Banks, Financial Houses and Bureau de Change and the general public to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.

“The general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” the statement said.

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