The Central Bank of Nigeria (CBN) has issued a strong public alert following the increasing circulation of fake redesigned Naira notes across several states in the country. The warning comes after multiple reports from commercial banks, traders, transport operators, and security agencies confirming a surge in counterfeit ₦200, ₦500, and ₦1,000 redesigned notes in the last few weeks.

 

In a statement released by the CBN’s Director of Corporate Communications, the apex bank urged Nigerians to exercise “extreme caution” when receiving cash, especially during busy commercial activities such as market transactions, transport fare payments, PoS withdrawals, and weekend business operations.

 

Investigations Already Underway

The CBN disclosed that it is working with the Nigerian Police Force, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), and other law-enforcement agencies to track down criminal networks producing and distributing the fake notes.

 

Early findings indicate that the counterfeit notes are highly deceptive, designed with improved printing techniques that make them appear close to the original redesigned currency. However, the CBN noted that key security features are missing or poorly replicated.

 

Security Features Nigerians Should Look Out For

The CBN urged the public to verify every redesigned note using the following features:

 

Raised (embossed) texture when you run your fingers across the portrait and printed areas.

 

Security thread that changes colour when tilted under light.

 

Watermark and embedded portrait visible when held against bright light.

 

Clear colour-shifting ink on the denomination number (e.g., 500, 1000).

 

Unique serial numbers that should not repeat on different notes.

 

According to the statement, most of the fake notes seized so far had flat textures, blurred images, poor colour quality, and no proper watermark.

 

Business Owners, PoS Operators at High Risk

The CBN highlighted that PoS agents, market women, fuel attendants, supermarkets, okada riders, and other daily cash-handlers are the most vulnerable to receiving counterfeit money due to the high speed of transactions.

 

The apex bank urged operators to carefully inspect notes received from customers and immediately report any suspicious currency to the nearest bank branch or police station.

 

Public Cautioned Against Panic

Despite the widespread reports, the CBN advised Nigerians not to panic but to remain vigilant. The bank reassured citizens that it is intensifying surveillance and coordination with security agencies to swiftly curb the situation.

 

CBN Launches Awareness Campaign

As part of its response, the CBN has also begun a nationwide awareness campaign through radio, television, social media, and community outreach to educate Nigerians on how to detect fake notes and report them.

 

The bank further encouraged Nigerians to make greater use of electronic transactions, noting that digital payments reduce the risk of receiving counterfeit cash.

 

What To Do If You Receive a Fake Note

The CBN advised the public to:

 

Do not spend the fake note.

 

Immediately report it to the nearest police station or bank.

 

Provide details of where and how the fake note was received.

 

Assist authorities with any information that may help trace the source.

 

Conclusion

The CBN reiterated its commitment to safeguarding the integrity of Nigeria’s currency and warned that anyone caught producing, distributing, or knowingly spending counterfeit notes will face severe penalties under Nigerian law.