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” has alarmed the Central Bank of Nigeria (CBN).

In a statement on Friday, the Bank’s Managing Director of Corporate Communications, Sidi Ali, Hakama (Mrs.), brought attention to the CBN Act (2007) as amended by Section 20(4).

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The Section reads as follows: “Anyone who falsifies, makes, or counterfeits any bank note or coin issued by the Bank which is legal tender in Nigeria shall be guilty of an offence punishable by a term of imprisonment of not less than five years.”

“The CBN is in continuous cooperation with pertinent security and financial agencies to seize counterfeit Naira banknotes, apprehend, and prosecute counterfeiters,” the speaker continued. The public is also urged to report anyone they believe to be in possession of counterfeit Naira notes to the Central Bank of Nigeria branch that is closest to them, via contactcbn@cbn.gov.ng, or by going to the nearest police station.

Meanwhile, the public is urged to exercise greater caution and take all required safety precautions to limit the acceptance and circulation of counterfeit notes. This includes all Deposit Money Banks, Financial Houses, Bureau de Change, and the general public.

“To further reduce the risk of counterfeit banknotes spreading, the general public is encouraged to embrace alternative modes of payment, such as echannels, for daily transactions.”