Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With Cash Shortages

As Nigeria grapples with currency shortages, the country’s cardinal slope warned of the beingness of counterfeit, higher-denomination naira banknotes. The slope has urged members of the nationalist to study anyone suspected of falsifying oregon counterfeiting the banknotes.

Central Bank Collaborates With Nigerian Agencies

The Central Bank of Nigeria (CBN) has issued a informing to residents of the West African federation to beryllium connected the lookout for counterfeit naira banknotes that are circulating “in nutrient markets and different commercialized centres crossed large cities successful the country.” The slope has warned that individuals caught falsifying oregon counterfeiting the banknotes look a situation word of nary little than 5 years.

Press Release: Beware of Counterfeit Naira Banknotes successful Circulation. pic.twitter.com/CWxGDyiSmZ

— Central Bank of Nigeria (@cenbank) December 8, 2023

The CBN’s confirmation of the beingness of counterfeit naira banknotes comes arsenic Nigerians grapple with currency shortages. According to a Techeconomy report, which has present been taken down, Nigerians successful antithetic parts of the state are having to contend with ATMs that are not dispensing cash.

The cardinal bank, however, insists that determination are nary shortages and has identified panic withdrawals by immoderate members of the nationalist arsenic the origin of the artificial shortages.

Meanwhile, successful its Dec. 8 post connected X, the Nigerian cardinal slope revealed that it is moving successful performance with applicable information and fiscal agencies to prehend the fake banknotes. The CBN besides urged members of the nationalist to bash their portion successful helping to weed retired said banknotes.

“Members of the nationalist are besides encouraged to study anyone suspected of having counterfeit banknotes to the nearest constabulary station, subdivision of the Central Bank of Nigeria oregon via [email protected],” the slope said successful a statement.

The CBN besides implored each fiscal institutions, currency changers, and the nationalist to bash much to curtail the acceptance and organisation of fake banknotes. In addition, the Nigerian Central Bank told residents that by embracing alternate payments, they assistance to “mitigate the hazard of spreading counterfeit banknotes.”

Register your email present to get a play update connected African quality sent to your inbox:

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.