The CBN on Friday warned against the proliferation of counterfeit banknotes, particularly in higher denominations.
The bank said it observed that the fake notes are being circulated during transactions in food markets and various commercial centers across major cities nationwide.
Referencing Section 20(4) of the CBN Act (2007) as amended, the bank emphasised that the falsification, making, or counterfeiting of any banknote or coin issued by the CBN, which is legal tender in Nigeria, is a grave offence punishable by a minimum prison term of five years.
In collaboration with pertinent security and financial agencies, the CBN said it is actively working to apprehend and prosecute counterfeiters while confiscating fake naira banknotes.
“The public is urged to report individuals suspected of possessing counterfeit currency to the nearest police station or any branch of the Central Bank of Nigeria.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters,” the statement said.
The bank also implored all Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautionary measures to prevent the acceptance and circulation of counterfeit notes.
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To mitigate the risk of counterfeit banknotes spread, the CBN urged Nigerians to embrace alternative payment methods, such as electronic channels, for day-to-day transactions.
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