BEWARE OF FAKE NAIRA NOTES, CBN WARNS

There is an increasing number of counterfeit naira notes in circulation and the Central Bank of Nigeria (CBN) has warned Nigerians to be precautious.

A CBN statement made public on Friday advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be more vigilant and take necessary precautions not to be victims.

In the statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ CBN assured that it will continued to work with law enforcement operatives to identify those behind the circulation of those fake naira notes and bring them to justice.

“The CBN is constantly collaborating with relevant security and financial agencies to confiscate fake Naira banknotes and 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 or branch of the Central Bank of Nigeria.

“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.

“It shall be an offense punishable by a term of imprisonment of not less than five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”