Fake Naira Notes in Circulation, CBN Raises Alarm

Fake Naira Notes

Fake Naira Notes in Circulation, CBN Raises Alarm: The Central Bank of Nigeria (CBN) has raised a red flag, cautioning banks and citizens alike to exercise heightened vigilance against the circulation of counterfeit banknotes. The apex bank underscored the prevalence of this illicit activity, particularly with higher denominations being surreptitiously introduced into the financial ecosystem and finding their way into daily transactions, notably in food markets and various commercial hubs nationwide.

The CBN, through its Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, articulated the gravity of this situation, emphasizing the legal consequences associated with counterfeiting currency. Hakama asserted that the falsification, production, or counterfeiting (Fake Naira Notes) of any banknote or coin issued by the CBN is a criminal offense, as stipulated in Section 20(4) of the CBN Act (2007), which carries a severe penalty of imprisonment, not less than five years.

Advertisements

RELATED POST: Contract: Signing An Illegal Contract Without Reading The Terms

The central bank, cognizant of the detrimental impact of counterfeit currency on the nation’s economy, iterated its unwavering commitment to collaborating with relevant security and financial agencies. This joint effort aims to swiftly confiscate fake Naira banknotes, apprehend perpetrators, and prosecute those involved in this illegal activity. The statement serves as a stern warning to potential counterfeiters, signaling the gravity of the consequences they will face for compromising the integrity of the country’s currency.

RELATED POST: Failed Electronic Fund Transfer in Nigeria: Liability of Banks

The CBN’s call for collective vigilance is not limited to law enforcement agencies alone. The general public is urged to actively participate in combating this menace by promptly reporting any individual suspected of possessing or using counterfeit Naira notes. Reporting mechanisms include contacting the nearest police station, the local branch of the CBN, or utilizing the designated email address contactcbn@cbn.gov.ng.

Acknowledging the evolving landscape of financial transactions, the CBN encourages the adoption of alternative payment methods and electronic channels. This strategic shift aims to reduce the vulnerability of individuals and businesses to the risks associated with counterfeit banknotes. By embracing modern payment solutions, citizens can contribute to the overall mitigation of the spread and acceptance of fake currency.

RELATED POST: Godwin Emefiele Arrested by EFCC on Financial Crime Charges

This advisory serves as a comprehensive guide for financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change, underscoring the shared responsibility of safeguarding the financial ecosystem. The emphasis on collective vigilance, coupled with the promotion of secure payment alternatives, reflects the CBN’s proactive approach to protecting the integrity of the national currency and fostering a resilient and trustworthy financial environment.

In conclusion, the CBN’s alert serves as a timely reminder for all stakeholders to remain vigilant in the face of emerging threats to the financial system. The call to action is clear – combat the circulation of counterfeit currency through collaborative efforts, embrace modern payment methods, and safeguard the economic well-being of Nigeria.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Can a Confession to a Priest be Admissible in Nigerian Courts

Sat Dec 9 , 2023
BY TAKIM ETTA Introduction Every day, people approach the priest to confess their sins. This ritual, peculiar to Christians of the Roman Catholic Church, is in fulfillment of the biblical injunction for Christians to confess their sins to one another. Confession to a priest most times involves both moral and […]
Seal of Confessions Under Nigerian Law

You May Like