CBN Issues Warning on Counterfeit Naira Notes Amid Reports of Currency Shortage
CBN Issues Warning on Counterfeit …….
The Central Bank of Nigeria (CBN) has issued a cautionary advisory urging Nigerians to remain vigilant against counterfeit naira notes circulating in the country, particularly in the midst of reported currency shortages. In a statement released on Friday titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ the apex bank underscored the importance of awareness and precautionary measures.
The advisory extends to Deposit Money Banks, Financial Houses, Bureau de Change, and the general public, urging them to exercise vigilance in handling currency transactions. The CBN emphasizes that it is actively collaborating with law enforcement agencies to identify and apprehend individuals responsible for circulating counterfeit currency.
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The statement reads, “The attention of the Central Bank of Nigeria has been drawn to the circulation of counterfeit banknotes, significantly higher denominations, by some individuals for transactions in food markets and other commercial centers across major cities in the country.”
The public is encouraged to scrutinize banknotes thoroughly during transactions and report any suspicious activities or counterfeit currency incidents to the appropriate authorities. The CBN’s alert underscores the critical need for collective efforts to curb the circulation of counterfeit currency, safeguard economic transactions, and maintain the integrity of the national currency.
As Nigeria navigates challenges related to currency shortages, the CBN’s warning serves as a proactive measure to protect citizens and businesses from the potential risks associated with counterfeit naira notes in circulation. Public awareness and collaboration with law enforcement are integral components of the strategy to address and mitigate the impact of counterfeit currency on the nation’s financial ecosystem.
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