Cash Scarcity: CBN Cautioned Over Circulation Of Counterfeit Naira Notes

Cash Scarcity: CBN Cautioned Over Circulation Of Counterfeit Naira Notes

In the midst of Nigeria’s currency shortage, the Central Bank of Nigeria has issued a cautionary statement to Nigerians regarding the circulation of counterfeit Naira banknotes.

The apex bank, in a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation‘, emphasized the need for all Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance and implement necessary precautions.

Furthermore, the Central Bank assured the public that it is actively collaborating with law enforcement agencies to apprehend those responsible for counterfeiting.

“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.

“For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: “It shall be an offence punishable by a term of imprisonment of not less than 5 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, or branch of the Central Bank of Nigeria.

“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes”, the statement reads.

Recent reports indicate that the scarcity of Naira has become more pronounced in certain areas of Abuja, with Automated Teller Machines failing to dispense cash in the nation’s capital.