In the midst of Nigeria’s currency scarcity, the Central Bank of Nigeria has issued a cautionary notice to the public, advising against the use of counterfeit Naira banknotes. The apex bank, in a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ conveyed the warning on Friday.
The Central Bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance and adopt necessary precautions. Additionally, the bank assured that it is collaborating with law enforcement agencies to apprehend those responsible for circulating counterfeit currency.
The notice stated, “The Central Bank of Nigeria (CBN) has noted with concern the circulation of counterfeit banknotes, particularly in higher denominations, used by some individuals for transactions in food markets and other commercial centers in major cities across the country.”
To emphasize the gravity of the issue, the notice referenced Section 20(4) of the CBN Act (2007) as amended, which declares counterfeiting a punishable offense with a minimum imprisonment term of five years.
The Central Bank emphasized its ongoing collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest counterfeiters, and prosecute them. The public was encouraged to report any suspected individuals dealing with counterfeit Naira notes to the nearest police station or a branch of the Central Bank of Nigeria.
Meanwhile, the notice urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to remain vigilant and implement necessary precautionary measures to prevent the acceptance and distribution of counterfeit currency. In related news, there are reports of an aggravated threat of naira scarcity in parts of Abuja, with Automated Teller Machines failing to dispense cash in the nation’s capital, as reported by DAILY POST.