Wednesday, February 21, 2024
Home Business CBN RAISES ALARM OVER  COUNTERFEIT NAIRA BANKNOTES IN CIRCULATION.

CBN RAISES ALARM OVER  COUNTERFEIT NAIRA BANKNOTES IN CIRCULATION.

The  Central Bank of Nigeria (CBN) has warn Nigerians to be beware of counterfeit Naira Bank notes in circulation.
This is contained in a statement signed by the Acting Director Corporate Communication  Sidi Ali, Hakama
“The Apex bank reels out that it attention 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 which is legal tender in Nigeria.”
The CBN says it is  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 contactcbn@cbn.gov.ng.
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.
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