The Central Bank of Nigeria has issued a press release to the public informing citizens of the circulation of counterfeit banknotes in commercial centers across the country. The apex bank revealed that the counterfeits are especially notes of higher denomination and urged all deposit money banks, financial agencies, bureau de change as well as the general public to be vigilant and exercise all necessary measures to avoid acceptance, distribution and exchange of these counterfeit notes. Furthermore, the bank encouraged citizens to embrace alternative modes of payment to mitigate the risk of spreading counterfeit notes.
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Issuing warning to counterfeiters, The Central Bank emphasized its dedication to ensuring that they are arrested and prosecuted via collaboration with relevant security and financial agencies. For avoidance of doubt on full legal implications, the apex bank referred counterfeiters to the constitution and its decree on counterfeiting, with offenders punishable by a prison term of not less than five years.
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