Beware of Fake Banknotes – CBN warns

Oluwasegun SanusiDecember 8, 20231 Mins read1k

The Central Bank of Nigeria has raised the alarm over the surge in the circulation of counterfeit banknotes, particularly in higher denominations, within various food markets and commercial centres across major cities in the country.

This concerning trend has prompted the Central Bank to issue a stern warning, citing the legal repercussions outlined in Section 20(4) of the CBN Act (2007), which stipulates a minimum imprisonment term of five years for any individual found guilty of counterfeiting legal tender in Nigeria.

“For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: “It shall be an offence punishable by a term of imprisonment of not less than five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria,” the statement noted.

In efforts to combat this growing issue, the Central Bank has emphasized its continuous collaboration with pertinent security and financial agencies.

Their joint aim is to identify and apprehend those responsible for the production and circulation of these fraudulent Naira banknotes.

The public has been urged to play an active role in addressing this challenge by promptly reporting any suspicions regarding counterfeit currency to the nearest police station or Central Bank branch.

Additionally, the Central Bank has called upon Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise heightened vigilance. They are advised to implement necessary precautionary measures to curb the acceptance and dissemination of counterfeit notes within the financial system.

The statement reads further, “Meanwhile, 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.”