ENUGU, Nigeria (VOICE OF NAIJA) – The Central Bank of Nigeria (CBN) has issued a warning to Nigerians about the circulation of fake naira banknotes. In a statement by CBN’s acting director of corporate communications, Hakama Sidi Ali, it was revealed that the counterfeit notes are mostly higher denominations.
According to Ms. Sidi Ali, these fake naira notes are frequently used for transactions in food markets and other commercial centers across major cities in the country. The CBN has stated that severe sanctions will be imposed on anyone found involved in circulating counterfeit currency notes.
It is important to note that the law in Nigeria stipulates a minimum sentence of five years imprisonment for individuals involved in counterfeiting naira notes or any other legal tender in the country. The CBN is actively working in collaboration with relevant security and financial agencies to confiscate fake naira banknotes and apprehend and prosecute counterfeiters.
To address this issue, the CBN is urging the general public to report anyone suspected of possessing counterfeit naira notes to the nearest police station, CBN branch, or via email@example.com. Additionally, all deposit money banks, financial houses, Bureaux de Change, and the public at large are advised to exercise heightened vigilance. They should take necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes.
Furthermore, in order to mitigate the risk of spreading counterfeit banknotes, the CBN encourages the public to embrace alternative modes of payment for day-to-day transactions.