Counterfeit Naira notes: CBN warns of legal consequences
The Central Bank of Nigeria issued a statement on Friday addressing the proliferation of counterfeit banknotes, particularly in higher denominations, used in transactions across major cities, especially in food markets and commercial centers.
In a statement signed by the Acting Director, Corporate Communications, CBN, Mrs Sidi Hakama, on Friday, the apex bank said despite its directive to banks to issue and accept old and redesigned naira banknotes, reports of cash shortages persisted, leading to rationed cash payments at banks and limited ATM withdrawal amounts.
The CBN emphasized the legal consequences of counterfeiting and urged collaboration with security agencies to combat the circulation of fake notes.
It further encouraged the public to adopt alternative payment methods to mitigate the risk of counterfeit currency.
The statement partly quoted: “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 five 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 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 [email protected].”
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” it said.
