‘Fake naira notes in circulation’ – CBN warns Nigerians

The Central Bank of Nigeria (CBN,) has asked Nigerians as well as banks to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country.

CBN disclosed this in a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali, Hakama, yesterday.

According to Apex Bank, it is an offense punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the CBN.

The CBN said, “The attention of the 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 offense 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 CBN or via contactcbn@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”.

In another development, Nigeria recorded $11.11bn aggregate foreign exchange inflow in July and August, figures obtained from the Central Bank of Nigeria revealed.

According to figures obtained from the CBN’s August economic report on foreign exchange flows through the economy, August’s figure rose by 5.8% from July.

Also, according to the report, foreign exchange outflows also rose by 8.0% to $3.38bn, in August, from $3.13bn in the preceding month. It added that foreign exchange inflow through the Bank declined by 5.9% to $2.44bn in August 2023, from $2.59bn in July 2023.

Outflow through the Bank, however, rose by 6.3 per cent to $2.98bn, from $2.80bn in the preceding month.

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