{"id":129182,"date":"2023-12-09T10:41:52","date_gmt":"2023-12-09T10:41:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/09\/fake-naira-notes-in-circulation-cbn-warns\/"},"modified":"2023-12-09T10:41:52","modified_gmt":"2023-12-09T10:41:52","slug":"fake-naira-notes-in-circulation-cbn-warns","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/09\/fake-naira-notes-in-circulation-cbn-warns\/","title":{"rendered":"Fake Naira Notes In Circulation \u2014 CBN Warns"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Central Bank of Nigeria (CBN) on Friday, cautioned Nigerians to be cautious of counterfeit naira notes in circulation<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-902404\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/Screenshot_20231208-011717_Chrome.jpg\" alt=\"Govt Trying To Manage Inflation With Naira Scarcity \u2014 Ex-Finance Minister\" width=\"1070\" height=\"672\"  \/><\/p>\n<p>The warning, in a statement advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions.<\/p>\n<p>The CBN, however, assured the public that it is working with law enforcement operatives to apprehend those responsible for circulating counterfeit currency.<\/p>\n<p>It also encouraged the public to embrace alternative modes of payment for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.<\/p>\n<p>\u201cThe 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.<\/p>\n<p><strong>READ ALSO: \u201cWe\u2019ve Been Served Breakfast, Kogi Election Taught Us Lessons\u201d \u2013 Dino Melaye<\/strong><\/p>\n<p>\u201cFor the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: \u201cIt shall be an offence punishable by a term of imprisonment of not less than five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.<\/p>\n<p>\u201cThe CBN is constantly collaborating with relevant security and financial agencies to confiscate fake Naira banknotes and arrest and prosecute counterfeiters.<\/p>\n<p>\u201cMembers of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station or branch of the Central Bank of Nigeria.<\/p>\n<p>\u201cMeanwhile, 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 notes.<\/p>\n<p>\u201cFurthermore, 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,\u201d the statement read.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1952317178\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) on Friday, cautioned Nigerians to be cautious of counterfeit naira notes in circulation The warning, in a statement advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. The CBN, however, assured the public that it is working with law [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":129079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-129182","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fake Naira Notes In Circulation \u2014 CBN Warns - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/09\/fake-naira-notes-in-circulation-cbn-warns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fake Naira Notes In Circulation \u2014 CBN Warns - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) on Friday, cautioned Nigerians to be cautious of counterfeit naira notes in circulation The warning, in a statement advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions. 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