The Central Bank of Nigeria, on Friday raised the alarm that counterfeit banknotes are in wide circulation amid cash scarcity.
The CBN said this in a statement signed by the acting Director, Corporate Communications, CBN, Mrs Sidi Hakama, on Friday.
It read in part, “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 five 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, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”
