CBN confirms fake naira notes in circulation

The Central Bank of Nigeria (CBN), on Friday, December 8, confirmed that fake naira notes were circulating nationwide, alerting the public to beware of their transactions.

The apex bank raised the alarm in a statement titled, ‘Beware of Counterfeit Naira Banknotes in Circulation,’ and signed by its acting director of Corporate Communications, Sidi Hakama.

“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,” CBN stated.

Quoting  Section 20(4) of the CBN Act (2007) as amended, the apex bank said, “It shall be an offence punishable by a term of imprisonment of not less than five 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, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng,” CBN said.

The ICIR reported that the apex bank introduced new naira notes of N200, N500 and N1,000 to phase out the old denominations but that the masses widely criticised the redesign policy.