The Central Bank of Nigeria says its attention has been drawn to the circulation of counterfeit banknotes.
The banking regulator noted that the counterfeit notes were common with higher denominations by some individuals for transactions in food markets and other commercial centers across major cities in the country.
It said this in a statement signed by the acting Director, Corporate Communications, CBN, Sidi Hakama, on Friday.
This development came as bank depositors continued to complain of cash shortage, both from Automated Teller Machines and over the counter in the banks.
Naira scarcity had lingered, despite the CBN’s directives to the banks to continue to issue, and accept old and redesigned naira banknotes.
Observations by newsmen during visits to some banks and ATMs during the week revealed that banks were rationing cash payments over the counter, while withdrawal limits were placed on ATMs.
However, in the latest development, the CBN said, “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 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 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.”
The banking regulator urged all Deposit Money Banks, financial houses, Bureau de Change operators and the general public, to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
