Central Bank Of Nigeria Issues Warning On Counterfeits

In an official statement released today, the Central Bank of Nigeria (CBN) has sounded the alarm regarding the escalating proliferation of counterfeit banknotes, particularly in higher denominations. The warning comes as fake currency finds its way into transactions within food markets and commercial hubs across major cities nationwide. The statement, signed by Mrs. Sidi Ali, Hakama Ag Director of Corporate Communications at the CBN, urges all stakeholders, including Deposit Money Banks, Financial Houses, Bureau de Change, and the general public, to heighten vigilance. The CBN calls for the implementation of necessary precautionary measures to curb the acceptance and circulation of counterfeit currency. Underscoring its commitment to tackling the problem, the CBN asserts its active engagement in collaborative efforts with relevant security and financial agencies. The aim is to seize counterfeit Naira notes, apprehend perpetrators, and ensure their legal prosecution. The public is urged to remain vigilant and cooperate with authorities to maintain the integrity of the national currency.