Jumoke Olasunkanmi
The Central Bank of Nigeria (CBN) has issued a warning to the public over the circulation of counterfeit banknotes which it claimed are intended to defraud sellers in the food market and other big commercial markets across the country.
CBN’s statement signed by its Acting Director of Corporate Communications, Sidi Ali Hakama, on Friday read, “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in the food market and other commercial centres across major cities in the country.”
The CBN further stated that it is working in collaboration with other security and financial agencies to contain and confiscate the fake notes. It urged members of the public to report anyone suspected of being in possession of counterfeit notes to the nearest police station or any Central Bank branch.
The spex bank also warned that the possession and distribution of counterfeit banknotes is an offense punishable by law citing the section 20 (4) of the CBN Act (2007) which states that “it shall be an offense punishable by a term of imprisonment not less than 5 years for any person to falsify make a counterfeit any bank notes or coin you should by the bank which is legal tender in Nigeria.”
It further enjoined the public to embrace other means of payments such as electronic money transfer, and Point Of Sale (POS) to limit the risk of spreading fake notes.
