Central Bank Warns Against Fake Banknotes in Circulation

Today, the Central Bank of Nigeria (CBN) issued a cautionary advisory to banks and Nigerians regarding the increased circulation of counterfeit higher denomination banknotes in food markets and commercial hubs across the nation.

The Apex Bank emphasized that the falsification, production, or circulation of any banknote or coin issued by the CBN is a punishable offense, carrying a prison term of at least five years, as stipulated in Section 20(4) of the CBN Act (2007), as amended.

In a statement signed by Mrs. Sidi Ali Hakama, Acting Director of Corporate Communications at the CBN, the institution highlighted its collaborative efforts with security and financial agencies to confiscate counterfeit notes and apprehend those responsible.

Urging public cooperation, the CBN encouraged individuals to report suspected counterfeit currency holders to law enforcement, CBN branches, or via contactcbn@cbn.gov.ng. The directive advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public at large to heighten vigilance and implement preventive measures to curb the spread and acceptance of counterfeit notes.

Additionally, the public was encouraged to adopt alternative payment methods such as electronic channels for everyday transactions to mitigate the risks associated with counterfeit banknotes.