CBN ISSUES WARNING ON COUNTERFEIT NAIRA BANKNOTES ®™√ INN Nigeria ©

In a recent statement, the Central Bank of Nigeria (CBN) has raised alarm over the surge in circulation of counterfeit Naira banknotes, particularly in higher denominations.

The unauthorized use of these fake notes has been reported in food markets and various commercial centers across major cities in the country.

Citing Section 20(4) of the CBN Act (2007) as amended, the central bank emphasizes that counterfeiting Nigerian currency is a serious offense, punishable by a minimum of five years’ imprisonment.

The CBN is actively collaborating with relevant security and financial agencies to track down counterfeiters, confiscate fake notes, and ensure legal actions are taken against those involved.

The public is urged to play a proactive role by reporting any suspicious individuals dealing with counterfeit Naira notes.

Reports can be submitted to the nearest police station, local branches of the Central Bank of Nigeria, or through the provided email address, contactcbn@cbn.gov.ng.

In an effort to combat the issue, the CBN is advising Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautions to prevent the acceptance and distribution of counterfeit currency.

Additionally, citizens are encouraged to explore alternative payment methods, such as electronic channels, to reduce the risk of encountering fake banknotes in day-to-day transactions.

Sidi Ali, Hakama (Mrs.), Acting Director of Corporate Communications, emphasized the importance of public cooperation in combating this issue, underscoring the collective responsibility in maintaining the integrity of Nigeria’s currency.

This warning comes as part of the CBN’s ongoing commitment to safeguarding the nation’s financial system and preserving the trust and confidence in the Nigerian currency.