BUSINESS
CBN Detects Fake Naira Notes In Circulation, Alerts Security Operatives
The Central Bank of Nigeria (CBN) has detected the circulation of “counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country.”
The Bank’s Ag. Director, Corporate Communications, Sidi Ali, Hakama (Mrs.), in a statement on Friday, December 8, 2023, drew attention to Section 20(4) of the CBN Act (2007) as amended, which states that:
“It shall be an offence punishable by a term of imprisonment of not less than 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.”
She added: “The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters. Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng.
“Meanwhile, all Deposit Money Banks, Financial Houses and Bureau de Change and the general public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit naira notes.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”
(News Express)
Delta Police Arrest Three For Impersonating SGF Akume, Oborevwori’s Protocol Director To Defraud Community Leader Of N5.4m
Ebola Alert: 20 Key Facts As FG Traces 44 Contacts Over Suspected Case In FCT
I Never Asked Nigerians in Diaspora to Abandon Their Families — Peter Obi
‘If Buhari as a General Couldn’t End Insecurity, Spare Tinubu’ — Abdulaziz Yari
Tinubu Condoles With Ibori, Uduaghan Family Over Ex-Governor’s Death
DOPF Opens 2026 Annual Conference With Workshop On Digital Media Sustainability
Isoko South Flags Off Mega Empowerment, 4,000 Residents To Get N50,000 Each
Blackout Hits Four States as NUEE Shuts Down BEDC Facilities Over Welfare Dispute
Isoko North Chairman Empowers 5,000, Hails Oborevwori’s Grassroots Initiative
AI Courses In Nigeria Surge 93% As Critical Thinking Jumps 113% – Coursera Report 20262
DOPF Mourns Uduaghan, Recalls His 2021 Lecture On Niger Delta Economy
Delta Declares 3-Day Mourning For Ex-Gov Uduaghan, Flags To Fly At Half-Mast
Tompolo Mourns Uduaghan, Recalls Ex-Governor’s Role In Niger Delta Amnesty Programme
Uduaghan’s Death Painful Loss – Okowa Mourns Predecessor
Oh Asamaigor: Joel-Onowakpo Mourns Uduaghan, Says I Lost My Political Father
