CBN Sounds Alert on Counterfeit Currency Surge: Calls for Public Vigilance
The Central Bank of Nigeria (CBN) has raised an alarm concerning the surge in the circulation of counterfeit banknotes, particularly higher denominations, within major cities across the country.
The disclosure, conveyed in a press statement by CBN’s Acting Director for Corporate Communications, Mrs. Hakama Sidi Ali, on December 8, 2023, highlights the potential risks associated with these fake notes infiltrating transactions in food markets and other commercial centers.
In the official statement, Sidi Ali warned that falsifying or counterfeiting any banknote or coin issued by the CBN is a punishable offence, carrying a minimum prison term of 5 years, as stipulated in Section 20(4) of the CBN Act (2007) as amended.
The CBN asserts its commitment to collaborating with relevant security and financial agencies to seize counterfeit Naira banknotes, apprehend culprits, and ensure prosecution.
To further combat this issue, members of the public are encouraged to report any suspected cases of counterfeit currency to the nearest police station, local CBN branch, or via email at [email protected].
Moreover, the statement calls on Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise heightened vigilance and adopt necessary precautionary measures to curb the acceptance and distribution of counterfeit notes.
The CBN recommends embracing alternative payment methods and e-channels for day-to-day transactions to mitigate the risk of inadvertently spreading counterfeit banknotes.
Source: Nairametrics
