Counterfeit Naira Notes In Circulation, CBN Warns

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The Central Bank of Nigeria (CBN) has announcesthe presence of counterfeit banknotes in circulation.

The apex bank said more of higher denominations were affected.

CBN in a statement signed by Sidi Hakama, the Ag. Director, Corporate Communication said the fake currency are being used for transactions in food markets and other commercial centres across major cities in the country.

In the statement, the CBN cited Section 20(4) of the CBN Act (2007) as amended, which 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 stated that it is in constant collaboration with relevant security and financial agencies to confiscate fake naira banknotes, arrest and prosecute counterfeiters.

The statement continued, “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

“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, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”

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