CBN alerts Nigerians of counterfeit naira notes in circulation

The Central Bank of Nigeria, CBN has alerted Nigerians of counterfeit naira notes in circulation, urging the citizens to watch out while transacting businesses.

The apex bank said, the counterfeit notes are in higher denominations and are being used by individuals for transactions in food markets and other commercial centers across major cities in the country.

In a statement issued by the acting Director of Public Communications of the bank, Mrs Sidi Hakama on Friday, she said, unscrupulous elements have resorted to faking naira notes and there have been several reports suggesting that the notes are presently being used to transact businesses.

This is even as naira scarcity continue to persist across banks with Automated Teller Machines left empty in major towns of the country.

The cash shortages have become a nightmare to bank customers without banks not being able to explain reasons behind the development, particularly as apex bank last week directed commercial banks to issue old and new naira notes to customers.