How CBN Exposes Widespread Distribution of Fake Naira Notes in Nigeria

The Central Bank of Nigeria (CBN) has raised an urgent alarm regarding the proliferation of fake Naira notes, specifically targeting high denomination bills. This deceitful practice has been particularly rampant in food markets and key commercial hubs in several major Nigerian cities. The CBN, in a bid to combat this alarming trend, released a comprehensive statement through its Acting Director for Corporate Communications, Mrs. Hakama Sidi Ali, on December 8, 2023.

Mrs. Sidi Ali’s statement highlighted the grave legal implications of fake notes. She emphasized that the act of forging or falsifying any banknote or coin issued by the CBN is a criminal offense, punishable by a minimum of five years in prison. This stern warning underlines the seriousness with which the CBN views this issue and its commitment to uphold the integrity of Nigeria’s monetary system.

How CBN aims to tackle widespread fake notes

The CBN has not been passive in addressing this crisis. It is actively collaborating with various security and financial agencies to identify, and seize these fake naira notes, and bring the perpetrators to justice. The apex bank has established a strong stance against these illegal activities and is determined to safeguard the Nigerian economy from the detrimental effects of counterfeit currency.

In its statement, the CBN appealed to the public to remain alert and report any suspected counterfeit Naira notes. The bank also urged all financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change operators, to exercise increased vigilance. This call to action is critical in preventing the acceptance and circulation of these fake notes, which undermine the economic stability of the country.

CBN recommends other safer transactions

Furthermore, the CBN advised the public to adopt alternative payment methods, such as electronic channels, to reduce the risk associated with handling physical currency. This recommendation is part of a broader strategy to modernize the country’s financial transactions and provide safer, more efficient options for the public.

The CBN reaffirms its commitment to working tirelessly with law enforcement agencies to apprehend those responsible for circulating counterfeit currency. This ongoing battle is vital to maintain the integrity of Nigeria’s financial system and to protect citizens from the harmful effects of fraudulent activities.