In response to reports of a currency shortage in Nigeria, the Central Bank of Nigeria (CBN) has issued a cautionary statement urging Nigerians to remain vigilant against the circulation of counterfeit naira notes.
The advisory, titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ was released on Friday and extends its warning to Deposit Money Banks, Financial Houses, Bureau de Change, and the general public.
The CBN emphasized its commitment to tackling the issue and assured the public that it is actively collaborating with law enforcement agencies to apprehend individuals involved in the circulation of counterfeit currency. The statement highlights the significance of addressing this challenge to maintain the integrity of the national currency.
The statement from the CBN reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, significantly higher denominations, by some individuals for transactions in food markets and other commercial centers across major cities in the country.”
The CBN invoked Section 20(4) of the CBN Act (2007) as amended, which makes it an offense punishable by imprisonment for any person to falsify, make, or counterfeit any banknote or coin issued by the Bank that is legal tender in Nigeria.
The central bank is actively collaborating with relevant security and financial agencies to confiscate fake Naira banknotes and take legal action against counterfeiters. The public is encouraged to report any suspected cases of counterfeit naira notes to the nearest police station or branch of the Central Bank of Nigeria.
In light of the situation, the CBN has called upon Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance and implement necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes. The advisory underscores the collective responsibility of stakeholders in preserving the integrity of the nation’s currency and maintaining public trust in the financial system.
