{"id":10101,"date":"2023-12-08T14:40:38","date_gmt":"2023-12-08T14:40:38","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=10101"},"modified":"2023-12-08T14:40:38","modified_gmt":"2023-12-08T14:40:38","slug":"cbn-issues-warning-on-circulation-of-counterfeit-naira-notes","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2023\/12\/08\/cbn-issues-warning-on-circulation-of-counterfeit-naira-notes\/","title":{"rendered":"CBN Issues Warning on Circulation of Counterfeit Naira Notes"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) has issued an alert to banks and the general public, urging vigilance against counterfeit naira notes, especially higher denominations that are reportedly being used in food markets and commercial centers. The warning comes as the CBN emphasizes the severity of the offense of falsifying or counterfeiting banknotes.<\/p>\n

In a statement signed by the Acting Director of Corporate Communications, Mrs. Sidi Ali Hakama, the CBN stated that the circulation of counterfeit banknotes, particularly in major cities, has prompted this cautionary announcement. Section 20(4) of the CBN Act (2007), as amended, makes it a punishable offense with a term of imprisonment not less than five years for any individual involved in the falsification, making, or counterfeiting of legal tender issued by the Bank.<\/p>\n

The CBN highlighted its continuous collaboration with relevant security and financial agencies to identify, confiscate, and prosecute counterfeiters. The public is encouraged to report any suspected individuals dealing with counterfeit naira notes to the nearest police station, CBN branch, or through the email contactcbn@cbn.gov.ng<\/a>.<\/p>\n

In addition to law enforcement efforts, the CBN urged financial institutions, including Deposit Money Banks, Financial Houses, and Bureau de Change, to enhance vigilance and implement necessary precautionary measures to prevent the acceptance and distribution of counterfeit notes. The general public is also advised to consider alternative payment methods, such as electronic channels, for day-to-day transactions to reduce the risk of encountering counterfeit banknotes.<\/p>\n

The CBN’s alert serves as a reminder of the importance of maintaining the integrity of the national currency and safeguarding financial transactions against fraudulent activities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) has issued an alert to banks and the general public, urging vigilance against counterfeit naira notes, especially higher denominations that are reportedly being used in food markets and commercial centers. The warning comes as the CBN emphasizes the severity of the offense of falsifying or counterfeiting banknotes. In a […]<\/p>\n","protected":false},"author":12,"featured_media":10103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,181,172],"tags":[59],"class_list":["post-10101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-crime","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=10101"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10101\/revisions"}],"predecessor-version":[{"id":10108,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10101\/revisions\/10108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/10103"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=10101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=10101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=10101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}