By Sabiu Abdullahi
The Central Bank of Nigeria (CBN) has issued a strong caution to the public regarding the surge in illegal Naira banknotes circulating in the country.
CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, noted the gravity of the issue in a statement released on Friday, particularly highlighting the prevalence of counterfeit higher denominations.
“The CBN has observed the circulation of counterfeit banknotes, especially higher denominations by some individuals,” warned Mr. Sidi Ali.
These fake Naira notes are reportedly being used for transactions in food markets and commercial centres across major cities in Nigeria.
The CBN expressed its commitment to collaborating with relevant security and financial agencies to combat the circulation of counterfeit currency.
“The law provides severe sanctions, including a term of imprisonment of not less than five years, for any person found culpable of counterfeiting Naira notes or any other legal tender in Nigeria,” stated Sidi Ali.
The public is urged to report suspected cases of counterfeit Naira notes to the nearest police station, CBN branch, or via email at contactcbn@cbn.gov.ng.
In response to the rising concerns, financial institutions and the general public are advised to exercise increased vigilance and adopt precautionary measures to prevent the acceptance and distribution of counterfeit notes.