Afrigather 
The Central Financial institution of Nigeria (CBN) has raised alarm over the circulation of counterfeit banknotes, particularly greater denominations, by some people for transactions in meals markets and different business centres throughout main cities within the nation.
The CBN made this announcement in a press release on Friday by its spokesperson, Hakama Sidi Ali.
“For the avoidance of doubt, Part 20(4) of the CBN Act (2007) as amended, states that:
“It shall be an offence punishable by a time period of imprisonment of not lower than 5 years for any particular person to falsify, make or counterfeit any banknote or coin issued by the Financial institution which is authorized tender in Nigeria,” the assertion learn partly.
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The assertion added that the CBN is in fixed collaboration with related safety and monetary businesses to confiscate faux Naira banknotes, arrest and prosecute counterfeiters.
“Members of the general public are additionally inspired to report anybody suspected of getting counterfeit naira notes to the closest police station, department of the Central Financial institution of Nigeria or by way of contactcbn@cbn.gov.ng.
“In the meantime, all Deposit Cash Banks, Monetary Homes and Bureau de Change and most people are enjoined to be extra vigilant and take all mandatory precautionary measures to curtail the acceptance and distribution of counterfeit notes.
Moreover, most people is inspired to embrace different modes of fee, e-channels, for day-to-day transactions to mitigate the chance of spreading counterfeit banknotes,” the assertion concluded.
