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CBN issues warning against counterfeit naira banknotes

The CBN stated its commitment to addressing the issue.

Yemi Cardoso, the Governor of the Central Bank of Nigeria [TechEconomy]

The notice, titled 'Beware of Counterfeit Naira Banknotes in Circulation,' was disseminated by the apex bank, urging Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise heightened caution and adopt necessary precautions.

The CBN stated its commitment to addressing the issue, stating that it is actively collaborating with security operatives to apprehend those involved in the illicit production and distribution of fake Naira notes.

The warning specifically highlighted the prevalence of counterfeit banknotes, particularly in higher denominations, being used for transactions in food markets and various commercial centers across major cities in the country.

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Quoting Section 20(4) of the CBN Act (2007) as amended, the statement reiterated the severity of the offense, stating, "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 urged members of the public to play an active role in combating this issue by reporting any suspicions regarding counterfeit Naira notes to the nearest police station or branch of the Central Bank of Nigeria.

The statement concluded with a call to action, urging all financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change, along with the general public, to exercise increased vigilance and adopt necessary precautionary measures to curb the acceptance and distribution of counterfeit notes.

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