The Central Bank of Nigeria (CBN) has alerted Nigerians to the increasing prevalence of fake naira notes circulating amid reported currency shortages.
The apex bank is urging Deposit Money Banks, Financial Houses, Bureau de Change, and the public to exercise caution and implement necessary safeguards.
Assuring the public of its commitment to addressing the issue, the CBN stated that it is collaborating with law enforcement agencies to apprehend those responsible for the circulation of counterfeit currency.
The statement emphasized the severity of such actions, citing Section 20(4) of the CBN Act (2007) as amended, which imposes significant penalties, including imprisonment, for falsifying or counterfeiting legal tender.
The CBN is actively working with security and financial agencies to seize fake Naira banknotes, as well as to arrest and prosecute counterfeiters.
The public is encouraged to report any suspicion of counterfeit notes to the nearest police station or the Central Bank of Nigeria.
In addition, the CBN called on Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautionary measures to restrict the acceptance and distribution of counterfeit notes.