The Central Bank of Nigeria (CBN) has urged the general public to be aware of the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.
It reminded those behind the counterfeiting 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 that is legal tender in Nigeria.”
The CBN said it is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes and arrest and prosecute counterfeiters.
The apex bank appealed to members of the public to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria, or via contactcbn@cbn.gov.ng.
Similarly, the CBN enjoined all deposit money banks, financial houses, the Bureau de Change, and the general public to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
Furthermore, it encouraged the general public to embrace alternative modes of payment, such as e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.
This is contained in a statement issued on Friday by Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications of the Central Bank of Nigeria.
The statement reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres 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 5 years for any person to falsify, make, or counterfeit any bank note or coin issued by the Bank that is legal tender in Nigeria.”
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes and 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 contactcbn@cbn.gov.ng.
“Meanwhile, all deposit money banks, financial houses, the 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, such as e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”
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