CBN raises alarm over ‘Fake Naira notes’ in Circulation

Amid Nigeria’s ongoing currency shortage, the Central Bank of Nigeria has issued a stern caution to citizens regarding the prevalence of counterfeit Naira banknotes in circulation.

In a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank highlighted the pressing need for heightened vigilance among Deposit Money Banks, Financial Houses, Bureau de Change, and the general public.

The notice emphasized the surge in the circulation of counterfeit banknotes, particularly in higher denominations, for transactions within food markets and commercial centers across major cities in the country.

Citing Section 20(4) of the CBN Act (2007) as amended, the bank reiterated the severity of falsifying, making, or counterfeiting legal tender in Nigeria, punishable by imprisonment for not less than five years.

Assuring proactive measures, the Central Bank asserted its collaboration with security agencies to apprehend individuals involved in counterfeiting activities. It urged citizens to report any suspected instances of counterfeit Naira notes to law enforcement or the nearest branch of the Central Bank of Nigeria.

Furthermore, the bank urged financial institutions and the public to exercise heightened caution to mitigate the acceptance and circulation of counterfeit notes.

The impact of the currency shortage was notably felt in parts of Abuja, where Automated Teller Machines (ATMs) failed to dispense cash, exacerbating concerns about the scarcity of Naira in the nation’s capital.