The Central Bank of Nigeria (CBN) has issued a warning regarding the circulation of counterfeit Naira banknotes, particularly in higher denominations, by certain individuals engaging in transactions in food markets and other commercial centers across major cities in the country.
In a statement released on Friday, the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance and take necessary precautions. The Acting Director, Corporate Communications, Mrs. Sidi Ali Hakama, signed the statement.
The statement emphasized the legal consequences of counterfeiting, citing Section 20(4) of the CBN Act (2007), which stipulates a minimum imprisonment term of five years for individuals involved in falsifying, making, or counterfeiting any banknote or coin issued by the Bank.
The CBN assured the public of its continuous collaboration with relevant security and financial agencies to apprehend and prosecute counterfeiters, urging citizens to report suspected cases to the nearest police station, CBN branch, or via email at contactcbn@cbn.gov.ng.
Additionally, financial institutions and the general public were encouraged to adopt alternative modes of payment, such as e-channels, for day-to-day transactions to reduce the risk of spreading counterfeit banknotes.
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