The Central Bank of Nigeria (CBN) has raised alarm over the presence of counterfeit naira notes in circulation, issuing a stern warning to Nigerians to exercise caution in their financial transactions.
In an official statement released on Friday, titled ‘Beware of Counterfeit Naira Bank notes in Circulation,’ the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to be vigilant and implement necessary precautions to safeguard against the acceptance of fake currency.
The CBN assured the public that it is actively collaborating with law enforcement agencies to apprehend those responsible for circulating counterfeit currency.
The statement emphasized the severity of the offense, citing Section 20(4) of the CBN Act (2007) as amended, which stipulates a term of imprisonment of not less than five years for individuals involved in the falsification, making, or counterfeiting of legal tender issued by the Bank.
The statement, in part, said, “The attention of the Central Bank of Nigeria has been drawn to the circulation of counterfeit banknotes, significantly higher denominations, by some individuals for transactions in food markets and other commercial centers across major cities in the country.”
“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 five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”
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