In light of Nigeria’s ongoing currency shortage, the Central Bank of Nigeria has issued a stern warning to the public regarding the prevalence of counterfeit Naira banknotes.
Issuing a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’ on Friday, the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and citizens to heighten their vigilance and adopt necessary precautions.
The CBN emphasized its collaboration with law enforcement agencies to apprehend those involved in circulating fake notes, especially higher denominations, often used in transactions across major cities, notably in food markets and commercial centers.
Quoting Section 20(4) of the CBN Act (2007) as amended, the bank highlighted the severe penalties, including imprisonment for not less than 5 years, for falsifying or counterfeiting Naira notes.
The statement urged the public to report any suspected individuals dealing with counterfeit notes to the nearest police station or CBN branch. It further advised financial entities and the public to take stringent measures to halt the acceptance and circulation of fake notes.
Meanwhile, concerns over Naira scarcity heightened in parts of Abuja, where Automated Teller Machines (ATMs) failed to dispense cash, exacerbating the challenges faced by residents in the nation’s capital.
