The Central Bank of Nigeria (CBN) has issued a stern warning concerning the increasing prevalence of counterfeit Naira notes, particularly in higher denominations. This illicit activity is observed in transactions within food markets and commercial centers across major cities in the country.
In an official press release on Friday, acting director for corporate communications at CBN Mrs. Hakama Sidi Ali, emphasised the severity of the offense, with a stipulated penalty of not less than 5 years of imprisonment for anyone caught falsifying or counterfeiting CBN-issued banknotes.
The CBN underscored its commitment to combatting this issue through collaboration with relevant security and financial agencies.
Moreover, the CBN urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and implement necessary precautions to stem the acceptance and circulation of counterfeit notes.
As a preventive measure, the public is also encouraged to embrace alternative payment methods, such as e-channels, for day-to-day transactions, mitigating the risk associated with counterfeit banknotes.
It further urged the public to report suspicions of counterfeit currency to the nearest police station, or any of its branches or via a dedicated e-mail address it has provided.