CBN raises alarm over widespread circulation of counterfeit banknotes

CBN raises alarm over widespread circulation of counterfeit banknotes

In a press statement issued on Friday, December 8, 2023, the Central Bank of Nigeria (CBN) expressed serious concerns regarding the widespread circulation of counterfeit banknotes, particularly in higher denominations.

According to the statement, the alarming trend has been observed in food markets and other commercial centres across major cities in the country.

The disclosure came from Mrs. Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, who emphasized the gravity of the situation.

Mrs Sidi Ali warned the public that falsifying or counterfeiting any banknote or coin issued by the CBN is a punishable offence, carrying a minimum imprisonment term of five years.

The press statement underscored the commitment of the apex bank to combat this menace.

The CBN revealed an ongoing collaboration with relevant security and financial agencies to curb the circulation of these fake naira notes.

The concerted efforts aim not only to confiscate counterfeit currency but also to apprehend and prosecute individuals involved in the illicit activity.

This announcement serves as a stern reminder to citizens and businesses to remain vigilant and report any suspicious transactions involving potentially counterfeit banknotes.