CBN Warns Against Counterfeit Banknotes, Urges Vigilance, Electronic Transactions

The Central Bank of Nigeria (CBN) has issued a warning about the proliferation of counterfeit banknotes, particularly in higher denominations, in food markets and commercial centers across major cities in the country.

Citing Section 20(4) of the CBN Act (2007), the bank emphasised the severe consequences, including a minimum of five years imprisonment, for anyone involved in the falsification, making, or counterfeiting of legal tender banknotes or coins issued by the CBN.

“Meanwhile, all Deposit Money Banks, Financial Houses 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,” CBN’s spokeswoman, Hakama Sidi Ali, said in a statement on Friday.

The CBN said it was actively collaborating with security and financial agencies to identify and apprehend counterfeiters and confiscating fake Naira banknotes.

“To enhance these efforts, the public is urged to report suspicions of counterfeit currency to the nearest police station, a branch of the CBN, or via email at [email protected],” it added.

Hakama emphasised the importance of vigilance among Deposit Money Banks, financial houses, Bureau de Change, and the public at large, urging them to take necessary precautionary measures to prevent the acceptance and distribution of counterfeit Naira notes.

To mitigate the risk of dealing with fake currency, the general public is encouraged to adopt alternative modes of payment, such as electronic channels, for day-to-day transactions, she said.

The spokesperson of the apex bank added that CBN aimed to safeguard the integrity of the Nigerian currency and ensure a secure financial environment for all citizens.