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CBN Issues Warning Over Fake Naira Notes In Circulation

CBN recently announced that both old and new Naira notes remain legal tender until further notice



Enugu Police Arrest Suspect With Fake Naira Notes

On Friday, the Central Bank of Nigeria (CBN) warned that fake naira notes are now in circulation, News About Nigeria reports.

While warning Nigerians to beware of the counterfeit naira notes in circulation, the Apex Bank noted that the fake currency now in circulation is a result of currency shortage in the country.

This was contained in a statement released by the CBN titled ‘Beware of Counterfeit Naira Banknotes in Circulation.’

In the statement, the CBN charged deposit money banks, financial houses, Bureau de Change, and the public to be vigilant and implement necessary precautions to not fall victim to fraud.

The Apex Bank also charged members of the public to endeavour to report anyone suspected of having counterfeit naira notes to the nearest police station or branch of the Central Bank of Nigeria.

They also assured Nigerians that the CBN is working together with relevant security and law enforcement operatives to apprehend and punish those responsible for circulating counterfeit currency.

According to the CBN, it is an offence punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the CBN.

It can be recalled that the CBN, following the order of the Supreme Court, announced that both old and new Naira notes of N200, N500 and N1000 remain legal tender until further notice.

The Supreme Court had ordered that the old and new notes should remain as legal tender beyond December 31 until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.