By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has alerted the public on existence of counterfeit banknotes in circulation throughout the country.
The Bank said in a statement by the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali on Friday that the counterfeit bank notes in circulation are mostly in the higher denominations.
According to the statement, the notes are used by some individuals for transactions in food markets and other commercial centres across major cities in the country.
Part of the statement reads:
“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 5 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 email@example.com.
“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes. READ ALSO:
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“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”.