CBN alerts Nigerians on counterfeit notes in circulation

Beware of Counterfeit Naira Banknotes in Circulation

The attention of the Central Bank of Nigeria (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 offence 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 Central Bank of Nigeria 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, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes. Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications December 08 2023.

Which way naija??

I have with me 5pcs of 1k counterfeit notes which people gave to the guy working for me all in the name of patronage. I could spend it at night too. But (conscience no go gree me drink water drop cut). So, l had counted my loses and told him to be more careful next time.

It's rampant during festive season. Everyone should be watchful

Developers doing what they know how to do best

Then Dey craze… Mk dem release the new notes already

Even the druggie certificate forger na counterfeit. 😂

Is that why we can't withdraw money in banks? This Cardoso will be worse than Emefiele

lmao

See what Emefiele caused. Spits!!

Noted.

Useless body

The new notes already look counterfeit. This is icing on the cake.

Mtchewww… what do we do?
They have failed

Especially the new #1000 note.

Nigeria: the old, the new & the counterfeit.

K

Ipob terrorists are daily looking for ways to down the country but they are always exposed

where are the real notes?

Lol if the real one no dey available make dem allow us spend the Fake ones


With wetin the country dey talk people still dey wicked each other...

Igbos again?

hisexcellency34:
Is that why we can't withdraw money in banks? This Cardoso will be worse than Emefiele

Cadoso with patch patch cv

Hezzyluv:
I have with me 5pcs of 1k counterfeit notes which people gave to the guy working for me all in the name of patronage. I could spend it at night too. But (conscience no go gree me drink water drop cut). So, l had counted my loses and told him to be more careful next time.

How can one be more careful next time? By feeling the notes?

Hardship wan finish Yoruba people they've resulted in counterfeiting lmaoo

Fd

Lobatan

This country is just so terrible. Why won't people japa

We are our problem!

Nawa

Kleptomaniac Politicians thank you for destroying everything left of this country

PaulH07:


How can one be more careful next time? By feeling the notes?

Not really. Its 2ru the colors. The fake one has bolder color. And it's mostly the 1k note.

Honestly, if you are used to these notes (the real one's), you will definitely know the counterfeit one's.

What a disgrace to CBN