08/12/23
GABRIEL OLADIPO
The Central Bank of Nigeria has advised Nigerians to beware of
Counterfeit Bank Notes in Circulation
especially higher denominations being Spent by some individuals for transactions
across major cities in the country.
The Apex Bank In a Press Statement, also Urged The General Public to embrace alternative modes of Payment, such as e-channels, for day-to-day transactions in Order to mitigate the risk of spreading counterfeit banknotes.
While CBN is working in collaboration with relevant Security and financial agencies to
confiscate fake Naira banknotes, arrest, and Prosecute counterfeiters, they encourage People to report anyone suspected of having counterfeit naira notes to the
nearest Police station or any branch of the Central Bank of Nigeria
According to The Apex Bank
For the avoidance ofSection 20(4) of the CBN Act (2007) as amended, states that:
“It shall be an offence punishable by a term of imprisonment of not less than 5years
for any person to falsify, make or counterfeit any banknote or coin issued by the Bank which is legal tender in Nigeria.”
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