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CBN sends strong warning to Nigerians, asks them to be aware of fake naira notes in circulation

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The Central Bank of Nigeria (CBN,) has asked Nigerians as well as banks to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country.


CBN disclosed this in a statement signed by its Acting Director, Corporate Communications, Mrs. Sidi Ali, Hakama on Friday, December 8, 2023.

According to Apex Bank, it is an offense punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the CBN.

CBN said,

“The attention of the CBN has been drawn to 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.

“For the avoidance of doubt, Section 20(4) of the CBN Act (2007), as amended, states that it shall be an offense 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.

“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 CBN or via [email protected].

“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 notes.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes.”

In another development, Nigeria recorded $11.11bn aggregate foreign exchange inflow in July and August, figures obtained from the Central Bank of Nigeria revealed.

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According to figures obtained from the CBN’s August economic report on foreign exchange flows through the economy, August’s figure rose by of 5.8 per cent from July.

The report said,

“The economy recorded a higher net foreign exchange inflow in August 2023, driven, mainly, by increased inflow from autonomous sources. Foreign exchange flows through the economy recorded a net inflow of $2.33bn, an increase of 2.9 per cent, relative to the $2.27bn in July 2023.

‘Aggregate foreign exchange inflow into the economy increased by 5.8 per cent to $5.71bn in August, compared with the $5.40bn, in the preceding month.”

According to the report, foreign exchange outflows also rose by 8.0 per cent to $3.38bn, in August, from $3.13bn in the preceding month.

It added that foreign exchange inflow through the Bank declined by 5.9 per cent to $2.44bn in August 2023, from $2.59bn in July 2023.

Outflow through the Bank, however, rose by 6.3 per cent to $2.98bn, from $2.80bn in the preceding month.

Autonomous inflow rose by 16.6 per cent to $3.28bn, from $2.80bn in the previous month.

Similarly, autonomous outflow increased by 22.3 per cent to $0.40bn in August 2023, from $0.32bn in July 2023.

A net inflow of $2.88bn was recorded through autonomous sources, compared with the $2.48bn in July 2023.

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The CBN recorded a net outflow of $0.55bn, compared with the $0.22bn in the preceding month.

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