By Sabiu Abdullahi
The Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians regarding the prevalence of illegal Naira banknotes circulating in the country.
In a statement released on Friday by CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the central bank expressed concern over the proliferation of counterfeit currency, particularly in higher denominations.
“The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially higher denominations by some individuals,” stated Mr. Sidi Ali.
The counterfeit Naira notes are reportedly being used for transactions in food markets and other commercial centers across major cities in Nigeria.
The statement noted that individuals found complicit in circulating these illegal banknotes would face severe sanctions.
The law prescribes a minimum of five years’ imprisonment for anyone convicted of counterfeiting Naira notes or any other 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,” affirmed the director.
Members of the public are encouraged to report any suspected cases of counterfeit Naira notes to the nearest police station, CBN branch, or via email at contactcbn@cbn.gov.ng. Sidi Ali urged Deposit Money Banks, Financial Houses, Bureaux de Change, and the general public to exercise increased vigilance and adopt precautionary measures to prevent the acceptance and distribution of counterfeit notes.
To mitigate the risk of spreading counterfeit banknotes, the public is further encouraged to explore alternative modes of payment for day-to-day transactions.
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