Business
CBN issues alert on fake Naira notes in circulation
The Central Bank of Nigeria (CBN) has warned Nigerians about fake Naira notes in circulation.
The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, issued the alert in a statement on Friday in Abuja.
She said the counterfeit banknotes were mainly used for transactions in food markets and other commercial centres across major cities in the country.
The statement read: “The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially higher denominations by some individuals.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.
READ ALSO: CBN orders banks to freeze accounts without BVN, NIN from March 2024
“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the CBN, or via [email protected].
“The law provides punishment for a prison term of not less than five years for any person found culpable of counterfeiting Naira notes or any other legal tender in Nigeria.”
The apex bank urged all Deposit Money Banks (DMBs), financial houses, Bureaux de Change operators, and the general public to be more vigilant on the matter.
“Furthermore, the general public is encouraged to embrace alternative modes of payment for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” it added.
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