Central Bank of Nigeria Issues Warning on Increase of Counterfeit Naira Notes

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Central Bank of Nigeria
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“Beware of Counterfeit Naira Banknotes in Circulation,” the Central Bank of Nigeria (CBN) in a recent statement has cautioned the public about a rise in fake Naira banknotes circulating across the country.

The advisory emphasizes the counterfeiting of high-denomination bills, particularly in major cities, urging individuals, financial institutions, and money exchangers to exercise vigilance and adopt necessary precautions.

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The CBN asserts its commitment to collaborating with security and financial agencies to apprehend counterfeiters, emphasizing the legal consequences outlined in Section 20(4) of the CBN Act (2007) for those engaged in such activities.

Central Bank of Nigeria Statement

“Beware of Counterfeit Naira Banknotes in Circulation,” said high-denomination bills, being used for transactions in major cities, are particularly being counterfeited.

“The attention of the Central Bank of Nigeria (CBN) 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.

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“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 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, or branch of the Central Bank of Nigeria.

“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”.

CBN statement on fake naira notes

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The public is encouraged to report suspected counterfeiters, while banks and financial entities are called upon to heighten vigilance to prevent the acceptance and distribution of counterfeit notes.

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