The Central Bank of Nigeria, CBN, says it has been inundated with the activities of naira counterfeiters. Nigerians should beware of unscrupulous persons circulating fake naira banknotes, the apex bank said.
The warning comes amidst the naira shortages across the country.
The Source magazine had reported that commercial bank’s and money agents also known as POS operators complained of naira scarcity.
The counterfeiters must have capitalised on the situation, analysts said.
But in a statement on Friday, titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank warned commercial banks, Bureau de Change, and other financial institutions to be on guard in other not to spread counterfeit notes.
Security agents are now in pursuit of counterfeiters, the Yemi- Cardoso-led CBN said.
According to the statement “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, significantly higher denominations, by some individuals for transactions in food markets and other commercial centers 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 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.”
“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.”
Meanwhile, those watching the naira shortages insist that the problem is likely to snowball into the new year.
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