…Encourage Public To Embrace Alternative Means Of Transaction
By Obiabin Onukwugha
The Central Bank of Nigeria, on Friday, warned the general public against falling victim to fake naira notes currently in circulation, especially the five hundred and one thousand naira, respectively.
This is coming as household expenditure and business transactions have increased tremendously as families shop and for the yuletide season and holidays.
In a statement tagged “Beware Of Counterfeit Naira Banknotes In Circulation”, the Apex bank encouraged people to embrace alternative means of financial transactions such as transfers to check the circulation of the fake naira notes.
The statement, which was signed by the CBN Ag.Director, Corporate Communications, Sidi Ali, Hakama, also warned those responsible for printing and circulating fake naira notes to desist as five years jail term awaits anyone caught.
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The Apex Bank also stated that it was working with relevant security agencies to ensure the trend is under check, and called on Deposit Money Banks, Financial Houses, Bureau de Change and the general public to be wary of such naira notes.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.
“For the avoidance of doubt, Section 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 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 is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters. Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria or via contact cbn@cbn.gov.ng.
“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” the statement read.
