The Central Bank of Nigeria, CBN, today warned banks and Nigerians to watch out for fake bank notes, especially higher denominations that are now used in food markets and other business hubs in the country.
The Apex Bank said that it is a crime that can land anyone in jail for falsifying, making, or counterfeiting any bank note or coin that the CBN issues.
CBN revealed this in a statement that its Acting Director of Corporate Communications, Mrs. Sidi Ali, Hakama, signed.
The CBN stated, “The CBN has noticed the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other business centres across major cities in the country.
“To be clear, Section 20(4) of the CBN Act (2007), as amended, says that it is a crime that can get anyone imprisoned for not less than 5 years for falsifying, making, or counterfeiting any bank note or coin that the bank issued and is legal tender in Nigeria.
“The CBN is always working with relevant security and financial agencies to seize fake Naira banknotes, arrest them, and charge counterfeiters.
“Members of the public are also urged to report anyone they suspect of having fake naira notes to the closest police station, branch of the CBN, or via [email protected].
“Also, all deposit money banks, financial houses, the Bureau de Change, and the general public are advised to be more careful and take all needed steps to stop the acceptance and distribution of fake notes.
“Besides, the general public is urged to use alternative ways of payment, such as e-channels, for daily transactions to reduce the risk of spreading fake banknotes.
Subscribe to the Advocate News letter and receive news updates daily in your inbox.