CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts.

The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country,” the statement said.

“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 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria,” it added.

The CBN warned the culprits that it is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, and arrest and prosecute counterfeiters, and urged Nigerians to report suspected parties to the appropriate authorities.

“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria or via [email protected],” the statement added.

It also called on all Deposit Money Banks (DMBs), Financial Houses, as well as Bureau de Change (BDCs) and the general public to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit banknotes.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” the banking sector regulator stated.

Recall that the CBN recently directed all banks to issue and accept old and redesigned Naira banknotes following a Supreme Court order on November 29, saying that the old versions of N200, N500, and N1,000 shall continue to be legal tender.