Breaking:CBN Gives Fresh Warning to Nigerians over Naira notes - RALD NEWS MEDIA

Breaking:CBN Gives Fresh Warning to Nigerians over Naira notes - Rald News Media

 In a recent report by RALD NEWS MEDIA, the Central Bank of Nigeria (CBN) has issued a stern warning to Nigerians regarding the surge in fake Naira banknotes circulating nationwide. This cautionary message coincides with a widespread cash shortage experienced in various capital cities across the country.

As disclosed in a Friday statement, the apex bank has called on the public, financial institutions, and currency exchange entities to exercise heightened vigilance and adopt precautionary measures to shield themselves from falling prey to counterfeiters. The statement, titled “Beware of Counterfeit Naira Banknotes in Circulation,” emphasized the replication of high-denomination bills in major urban centers. 

Highlighting the severity of the issue, the CBN cited Section 20(4) of the CBN Act (2007) which deems the falsification, making, or counterfeiting of any legal tender issued by the Bank as a punishable offense, carrying a minimum imprisonment term of five years.

The report further outlined the collaborative efforts between the CBN and relevant security and financial agencies to apprehend and prosecute counterfeiters, with a call for the public's assistance in reporting suspected cases. It urged individuals to notify the nearest police station or CBN branch about anyone believed to be in possession of counterfeit Naira notes.

In conclusion, the report conveyed the CBN's appeal to Deposit Money Banks, Financial Houses, Bureau de Change, and the general public to exercise increased vigilance, implementing necessary precautions to curb the acceptance and dissemination of counterfeit currency.