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‘Take precautionary measures’ — CBN warns banks of fake naira in circulation

‘Take precautionary measures’ — CBN warns banks of fake naira in circulation
December 08
16:39 2023

The Central Bank of Nigeria (CBN) has warned banks to beware of the circulation of counterfeit naira banknotes, particularly higher denominations, in major cities across the country.

The warning was made in a statement signed by Hakama Sidi Ali, CBN’s acting director of corporate communications on Friday in Abuja.

Ali said these counterfeit naira notes were mainly used for transactions in food markets and other commercial centres across the country.

She said any person found complicit in the circulation of the counterfeit currency would face severe sanctions.

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“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,” Ali said. 

“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 director said CBN is in constant collaboration with relevant security and financial agencies to confiscate fake naira banknotes, arrest and prosecute counterfeiters.

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“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria or via [email protected],” Ali said.

She directed deposit money banks, financial houses, Bureaux De Change (BDCs) and the general public to be more vigilant and take necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.

Ali said Nigerians should embrace alternative modes of payment for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.

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