Breaking News: CBN Issues Warning On Counterfeit Banknotes In Circulation

Breaking News: CBN Issues Warning On Counterfeit Banknotes In Circulation....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) has issued a warning to banks and the public about the circulation of counterfeit banknotes, particularly in higher denominations, which are being used in food markets and commercial centers across major cities in the country.CONTINUE READING

In a statement signed by the Acting Director of Corporate Communications, Mrs. Sidi Ali, Hakama, the CBN emphasized that it is a criminal offense, punishable by imprisonment, for individuals to falsify, make, or counterfeit any banknote or coin issued by the CBN, as stated in Section 20(4) of the CBN Act (2007).

The CBN is actively collaborating with relevant security and financial agencies to apprehend and prosecute counterfeiters, confiscate fake Naira banknotes, and ensure the integrity of the currency. The public is urged to report any suspected cases of counterfeit notes to the nearest police station, CBN branch, or via contactcbn@cbn.gov.ng.

To mitigate the risk of spreading counterfeit banknotes, the CBN encourages the public to adopt alternative modes of payment and electronic channels for day-to-day transactions. Additionally, all financial institutions and the public are advised to be vigilant and take necessary precautionary measures against the acceptance and distribution of counterfeit notes.

Source: Bushradiogist