The Central Bank of Nigeria (CBN) cautions the public regarding the circulation of counterfeit banknotes, particularly in higher denominations, observed in food markets and commercial centers across major cities.
The Acting Director, Corporate Communications, Sidi Ali, Hakama, in a press release on Friday say the CBN is actively collaborating with relevant security and financial agencies to identify and confiscate fake Naira banknotes.
According to the director, Counterfeiters will be apprehended and prosecuted.
In accordance with Section 20(4) of the CBN Act (2007), falsifying, making, or counterfeiting any legal tender issued by the Bank is a punishable offense, carrying a minimum imprisonment term of 5 years.
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The public is urged to report any individual suspected of dealing with counterfeit Naira notes to the nearest police station, Central Bank of Nigeria branch, or via [email protected].
Deposit Money Banks, Financial Houses, Bureau de Change, and the general public are advised to exercise increased vigilance and adopt necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes.
Additionally, the public is encouraged to embrace alternative payment methods such as e-channels for day-to-day transactions to reduce the risk of counterfeit banknote circulation.
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