CBN Warns Nigerians On Circulation Of Counterfeit Naira Notes Amid Currency Shortage
The Central Bank of Nigeria has warned Nigerians to be wary
of counterfeit naira notes in circulation amid reports of currency shortage in
the country.
In a statement released on Friday titled 'Beware of
Counterfeit Naira Banknotes in Circulation,' the apex bank advised Deposit
Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant
and implement necessary precautions.
The Central Bank assures the public that it is working with
law enforcement operatives to apprehend those responsible for circulating
counterfeit currency.
The statement, in part, said, "The attention of the
Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit
banknotes, significantly higher denominations, by some individuals for
transactions in food markets and other commercial centers across major cities
in the country.
"For the avoidance of doubt, Section 20(4) of the CBN
Act (2007) as amended, states that: "It shall be an offense 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 CBN is constantly collaborating with relevant
security and financial agencies to confiscate fake Naira banknotes and arrest
and prosecute counterfeiters. Members of the public are also encouraged to
report anyone suspected of having counterfeit naira notes to the nearest police
station or branch of the Central Bank of Nigeria.
"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," the statement reads.
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