The Central Bank of Nigeria (CBN) has raised an alarm regarding the surge in fake naira notes, specifically higher denominations, being used for transactions in food markets and commercial centers across major cities in the country.
This troubling revelation was disclosed in a press statement released by Mrs. Hakama Sidi Ali, the Acting Director for Corporate Communications at the CBN, on Friday, December 8, 2023.
In the statement, Mrs. Sidi Ali emphatically cautioned that falsifying or counterfeiting any banknote or coin issued by the CBN is a punishable offense, carrying a minimum imprisonment term of 5 years.
Expressing grave concern, the apex bank declared its unwavering commitment to collaborating closely with pertinent security and financial agencies. Their collective objective is to seize these counterfeit naira notes and take stringent legal actions, including the arrest and prosecution of the individuals responsible.
