CBN cautions Nigerians for Fake Naira bills
The Central Bank of Nigeria has issued a warning to Nigerians regarding the presence of fake Naira notes in circulation, particularly in light of reported currency shortages in the nation.
In a statement released on Friday, titled ‘Beware of fake Naira Banknotes in Circulation,’ the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise caution and adopt necessary preventive measures.
The Central Bank assures the public that it is collaborating with law enforcement agencies to apprehend those responsible for disseminating counterfeit currency.
The statement reads in part, “The attention of the Central Bank of Nigeria has been drawn to the circulation of counterfeit banknotes, particularly in higher denominations, by certain individuals for transactions in food markets and other commercial centers across major cities in the country."
"To dispel any uncertainty, Section 20(4) of the amended CBN Act (2007) stipulates that: 'It shall be an offence punishable by a term of imprisonment of not less than five years for any person to falsify, make, or counterfeit any banknote or coin issued by the Bank, which is legal tender in Nigeria.'
"The CBN is consistently working in conjunction with pertinent security and financial agencies to seize counterfeit Naira banknotes and apprehend and prosecute individuals involved in counterfeiting."
Meanwhile, the statement urges all Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance and adopt necessary precautionary measures to minimize the acceptance and circulation of counterfeit notes.
According to reports from The PUNCH, the Supreme Court has recently affirmed that the old Naira denominations of N200, N500, and N1,000 notes will continue to coexist with the new notes until further notice.
The court affirmed that both the old and new notes will continue to be accepted as legal tender beyond December 31. This extension will persist until the Federal Government establishes a process for their replacement or redesign, following due consultation with relevant stakeholders.
The apex court, in its decision on March 3, had previously prohibited the Central Bank of Nigeria from implementing the deadline for the use of old notes. Subsequently, on November 14, the CBN further extended the validity of the old N200, N500, and N1,000 notes indefinitely.
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