CBN Alerts On Fake Naira Banknotes, Vows To Arrest, Prosecute Counterfeiters

The Central Bank of Nigeria (CBN) has alerted Nigerians to beware of counterfeit banknotes in circulation across major cities in the country.

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CBN Ag. Director, Corporate Communications, Mrs Sidi Ali, Hakama announced the development in a statement on Friday.

She informed that the counterfeit banknotes, especially higher denominations, were been circulated by some individuals for transactions in food markets and other commercial centres across major cities in Nigeria.

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The Director reminded that, 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 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”

She disclosed that the CBN was in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.

“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria, or via

“Meanwhile, all Deposit Money Banks, Financial Houses and 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.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes”, he stated.

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