The Central Bank of Nigeria (CBN) has issued a stern warning about the circulation of counterfeit naira banknotes in major urban markets and commercial centers. In response to the growing concerns about fake currencies, the CBN is taking action alongside security agencies to address and curb the distribution of these fraudulent notes.
The CBN’s statement highlights the severity of counterfeiting currency, which is punishable by a minimum sentence of five years’ imprisonment as stipulated under Section 20(4) of the CBN Act (2007). This legal framework underscores the bank’s commitment to maintaining the integrity of Nigeria’s currency.
Deposit Money Banks, Bureau de Change operators, and the public are being urged to remain vigilant and report any suspected counterfeit banknotes. The central bank recommends that individuals and businesses prioritize electronic payment options for transactions whenever possible, as a safeguard against the risk posed by counterfeit money.
This warning comes at a time when Abuja is experiencing a worsening cash crunch, with ATMs running out of cash and exacerbating the shortage of naira in circulation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
