The Central Bank of Nigeria (CBN) has issued a cautionary advisory today, urging both financial institutions and the public to exercise heightened vigilance against the circulation of counterfeit bank notes, particularly in higher denominations, as they are currently being utilized in transactions in food markets and commercial hubs nationwide.
By Lot Sunday
In an official statement released by the Apex Bank and endorsed by Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications, the CBN underscored the severity of the offense, emphasizing that the falsification, production, or counterfeiting of any bank note or coin issued by the CBN is a punishable offense which carries a minimum prison term of five years as stipulated in Section 20(4) of the CBN Act (2007), as amended.
The statement conveyed the CBN’s ongoing collaboration with pertinent security and financial entities to identify and seize counterfeit Naira banknotes, along with the apprehension and prosecution of individuals engaged in such illicit activities.
The general public was urged to report any suspicions regarding the possession or use of counterfeit currency to the nearest police station, CBN branch, or through the designated email address: contactcbn@cbn.gov.ng.
The CBN further called upon Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to adopt a heightened state of awareness, implementing necessary precautions to prevent the acceptance and dissemination of counterfeit notes.
As an additional measure, the public was encouraged to embrace alternative payment methods, such as electronic channels, for their day-to-day transactions, thereby minimizing the risk associated with the proliferation of counterfeit banknotes.
