The Central Bank of Nigeria (CBN) has warned members of the public against counterfeit Naira banknotes in circulation.
The Apex bank gave the warning on Friday in a statement issued and signed by its Acting Director, Corporate Communications Mrs Hakama Sidi Ali.
The statement said that the counterfeit notes in circulation are most in higher denominations of the naira notes which are being used for transactions by some individuals in food markets and other commercial centres across major cities in the country.
“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.,” The statement said.
The apex bank however warned that anyone caught transacting businesses with counterfeit banknotes risks five year jail term according to 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.”
Sidi Ali who affirmed that the CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters, also enjoined members of the public to report anyone suspected of having counterfeit naira notes to the nearest police station or branch of the Central Bank of Nigeria.
“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 contactcbn@cbn.gov.ng,” the bank Spokeswoman said.
Similarly, deposit banks, financial houses and Bureau de Change operators are also advised to be vigilant not to accept or distribute such counterfeit banknotes, just as members of the public are encouraged to embrace alternative modes of payment for their day-to-day financial transactions
“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.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” the statement added.
