CBN Issues New Alert On Counterfeit Banknotes, Gives Antidote

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

Quoting Section 20(4) of the CBN Act (2007), the bank emphasized the severe consequences, including a minimum of five years imprisonment, for individuals 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,” said CBN’s spokeswoman, Hakama Sidi Ali, in a statement on Friday.

The CBN revealed active collaboration with security and financial agencies to identify and apprehend counterfeiters, 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 contactcon@cbn.gov.ng,” the statement added.

Hakama emphasized 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 counterfeit banknotes, the CBN official urged the general public to adopt alternative modes of payment, such as electronic channels, for day-to-day transactions

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.

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