The Central Bank of Nigeria (CBN) has alarm over the circulation of counterfeit banknotes especially higher denominations by some individuals for transactions in food markets and other commercial centres in some major cities across the country.
This disclosure is contained in a press statement issued by CBN’s Acting Director for Corporate Communications, Mrs Hakama Sidi Ali, on Friday, December 8, 2023.
Sidi Ali in the statement warned that it is a punishable offence by a term of imprisonment of not less than 5 years for any person to falsify or counterfeit any bank note or coin issued by the CBN.
The apex bank said that it is in constant collaboration with relevant security and financial agencies to confiscate these fake naira notes as well as arrest and prosecute the culprits.
For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that:
Banks, BDCS, others to be vigilant
This is a developing story…
