Nigeria Central Bank Sounds Alarm as Counterfeit Naira Floods Major Cities

The Central Bank of Nigeria (CBN) issues a stern warning to banks concerning the proliferation of counterfeit naira banknotes, particularly in major cities.

The acting director of corporate communications, Hakama Sidi Ali, emphasized the prevalence of these fake notes in transactions within food markets and commercial centers.

In a statement, Ali underscored the severity of the offense, stating that anyone involved in circulating counterfeit currency would face severe sanctions, as per Section 20(4) of the CBN Act.

The CBN is actively collaborating with security and financial agencies to apprehend counterfeiters and confiscate fake naira banknotes.

The public is urged to report suspected cases to authorities or the CBN.

Deposit money banks, financial houses, and the general public are advised to exercise vigilance and take precautionary measures against accepting or distributing counterfeit notes.
Embracing alternative payment methods is recommended to mitigate the risk of spreading counterfeit banknotes. The CBN's alert highlights the importance of safeguarding the integrity of the national currency and underscores the ongoing efforts to combat fraudulent practices in the financial system.