CBN Issues Warning Against Counterfeit Notes

By Iyojo Ameh

The Central Bank of Nigeria (CBN) has issued a strong cautionary advisory amid the country’s prevailing currency shortage, alerting the public to the prevalence of counterfeit Naira banknotes.

Under the notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’ released on Friday, the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and citizens to heighten their awareness and implement necessary precautions.

Emphasizing collaboration with law enforcement agencies, the CBN vowed to apprehend individuals involved in circulating counterfeit notes, particularly higher denominations commonly used in transactions within major cities, notably in food markets and commercial centers.

Citing Section 20(4) of the CBN Act (2007) as amended, the bank underscored the stringent penalties, including imprisonment for a minimum of 5 years, for the fabrication or imitation of Naira notes.

The official statement urged the public to promptly report any suspicious individuals dealing with counterfeit notes to the nearest police station or CBN branch. Additionally, it advised financial institutions and the public to adopt rigorous measures to curtail the acceptance and circulation of fake notes.

Meanwhile, concerns over Naira scarcity have intensified in parts of Abuja, where Automated Teller Machines (ATMs) failed to dispense cash, exacerbating the challenges faced by residents in the nation’s capital.