InfoStride News reports that the Central Bank of Nigeria (CBN) has raised concerns about the proliferation of counterfeit banknotes, particularly higher denominations, in transactions across major cities, including food markets and commercial centers. According to a press statement by Mrs. Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, issued on Friday, December 8, 2023, individuals engaging in such activities may face a punishable offense with a minimum imprisonment term of five years.
The CBN emphasizes its commitment to collaboration with relevant security and financial agencies to identify, confiscate, and prosecute those involved in the circulation of fake naira notes. The statement urges the public to report any suspected cases of counterfeit currency to the nearest police station, a branch of the Central Bank of Nigeria, or through email@example.com.
In accordance with Section 20(4) of the CBN Act (2007) as amended, the apex bank asserts that falsifying, making, or counterfeiting any banknote or coin issued by the CBN, which is legal tender in Nigeria, is a serious offense with severe consequences.
As part of its proactive measures, the CBN calls on Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to heighten vigilance and adopt necessary precautions to prevent the acceptance and circulation of counterfeit notes. The statement encourages the public to embrace alternative payment methods, such as e-channels, for day-to-day transactions to mitigate the risks associated with counterfeit banknotes.
This development underscores the CBN’s commitment to maintaining the integrity of the nation’s currency and fostering a secure financial environment. The collaboration with various stakeholders aims to curb the activities of counterfeiters, safeguarding the economic interests of individuals and businesses.
As the situation unfolds, InfoStride News will continue to monitor and provide updates on this noteworthy development. Stay tuned for further developments as authorities work to address the issue of counterfeit currency circulation in Nigeria.
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