Counterfeit Nigerian currency circulating, CBN cautions the public

The Central Bank of Nigeria has issued a cautionary alert urging Nigerians to exercise caution due to the circulation of counterfeit naira notes amid reports of a currency shortage.

In a Friday statement titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank advised financial institutions, including Deposit Money Banks, Bureau de Change, and the public, to heighten their vigilance and implement necessary precautions.

The Central Bank affirms its commitment to collaborating with law enforcement agencies to apprehend those responsible for distributing fake currency.

The statement highlights the prevalence of counterfeit banknotes, particularly in higher denominations, being used in transactions across major cities.

Quoting Section 20(4) of the CBN Act (2007), the statement emphasizes that falsifying or counterfeiting banknotes is a punishable offence with a minimum imprisonment term of five years.

The CBN is actively working with relevant security and financial agencies to seize counterfeit Naira notes and prosecute those involved.

Members of the public are encouraged to report any suspicion of counterfeit notes to the nearest police station or the Central Bank of Nigeria.

Meanwhile, all financial institutions and the general public are urged to exercise increased vigilance and implement necessary precautionary measures to mitigate the acceptance and circulation of counterfeit currency.

In a separate development, the Supreme Court’s recent ruling stipulates that the old Naira denominations of N200, N500, and N1,000 notes will coexist with the new notes until further notice.

The court emphasized that both old and new notes will remain legal tender beyond December 31, pending the Federal Government’s establishment of a process for their replacement or redesign in consultation with relevant stakeholders.

The apex court had earlier restrained the Central Bank from enforcing the deadline on the use of old notes, and on November 14, the CBN extended the validity of the old N200, N500, and N1,000 notes indefinitely.