The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals.
By Ife Osemedua
365Daily – The Central Bank of Nigeria (CBN) has warned the public to be on alert for counterfeit banknotes in circulation.
It, therefore, advised people further to embrace other means of payments such as electronic money transfer and Point Of Sale (POS).
A statement by the apex bank’s acting Director of Corporate Communications, Sidi Ali Hakama, on Friday claimed that the perpetrators of the act are targeting food sellers and other big commercial markets across the country.
The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in the food market and other commercial centres across major cities in the country.”
CBN, however, assured that it is working with other security and financial agencies to contain and confiscate the fake notes.
Warning that it is a crime to be in possession of counterfeit banknotes, he urged members of the public to report anyone suspected having counterfeit notes to the nearest police station or any Central Bank branch.
“It shall be an offense punishable by a term of imprisonment not less than 5 years for any person to falsify make a counterfeit any bank notes or coin you should by the bank which is legal tender in Nigeria,” it quoted.