Nigerian Central Bank Warns Counterfeiters as Residents Reportedly Grapple With

[sirty143]

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

As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here.

Your opinion is greatly appreciated.

[Gm Jutt]

I agree with the importance... of taking proactive measures to combat counterfeiting... and protect the integrity of the currency. Counterfeit banknotes... not only undermine the economy but also erode public trust in the currency... which can have far-reaching consequences.
I commend the Nigerian central bank for issuing this warning... and urging residents to be vigilant... and report any suspicious activities. It is crucial for individuals... to play their part... in preventing the spread of fake currency... by promptly reporting any counterfeit banknotes they come across. This will not only help in apprehending the counterfeiters... but also prevent further cash shortages and economic instability.

Furthermore... I appreciate the emphasis on individuals being cautious.... when accepting cash payments. By familiarizing themselves with the security features of the naira banknotes.... individuals can easily identify counterfeit notes... and... protect themselves from falling victim to fraud.
The central bank warning serves... as a reminder for both the public and... businesses to remain vigilant... and cooperate in the fight against counterfeit currency. It is only through collective efforts... that we can effectively combat counterfeiting and... maintain a stable... and thriving economy. I encourage everyone to heed this warning and actively participate in safeguarding the integrity... of the Nigerian currency.

[Tribalchief]

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

As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here.

Your opinion is greatly appreciated.

The issue of counterfeiting is something that can't be easily corrected, sorry to say. Nigeria, as a country, is riddled with problems across all sectors. The decision to change the nation's currency, while a common practice, initially neglected necessary protocols, possibly due to political motivations during the previous federal election.

Ideally, when a nation's currency is due for a change, new bills are printed and gradually introduced into circulation before phasing out the old ones. This is a standard protocol applied in every country.

And also, I believe the government has neglected to promote e-money, the electronic form of the naira, which could have alleviated the pressure on paper notes. Fortunately, citizens now have digital money options from companies like Opay and Palmpay, although the federal government services lag behind.

Sorry to say, I doubt many citizens would trust the government's word, leading them to handle counterfeit money incidents independently by rejecting such currency. If in possession of counterfeit money, individuals may opt to discard it themselves.

[Agbe]

Two couples and others were arrested yesterday for printing counterfeit naira note. And Nigerian government used to deal with this culprit of production of counterfeit naira note. In the past 20 years, a boy I know in my community was arrested with the same crime and the boy came back from jail with deaf and dump. Counterfeit notes in across countries can't be just eradicated and the only thing that can remove such thing is digital currency which is bitcoin itself.

[joniboini]

Counterfeit notes in across countries can't be just eradicated and the only thing that can remove such thing is digital currency which is bitcoin itself.

What makes you say so? Are you saying that the central bank in Nigeria no longer can provide enough circulating currency or that the government can't monitor and prevent the fake currency from circulating? It is a bit surprising that news from months ago still happens today. How would moving to digital currency help btw? I remember reading a post talking about how digital payment has become popular in Nigeria because of this supply issue, but wouldn't the government use it and force people to use digital fiat instead? I'm also not sure how widespread Bitcoin in Nigeria is. Even if many people use Bitcoin, I'd imagine counterfeit will still exist as long as the government still allows that as a form of payment.

[Mr. Allcrypto]

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

As Nigeria grapples with cash shortages, the country’s central bank warned of the presence of counterfeit, higher-denomination naira banknotes. The bank has urged members of the public to report anyone suspected of falsifying or counterfeiting... See more for yourself here.

Your opinion is greatly appreciated.

These counterfeit currencies has spread to many place within the country, even in my area a man selling provision store was duped with counterfeit naira notes, and when he found out that the money where fake notes, he broke down, over 40thousand naira.
Stay safe out there guys, and I also think that the government should take actions to eradicate these counterfeit notes. And also i think that cryptocurrencies can play a very vital role in doing that.

[target]

Central Bank printing their money is also considered counterfeiting actually. Whether their bank prints them or someone else, the result is just the same.

$10B from Binance make sense with this kind of news.

[Rruchi man]

These counterfeit currencies has spread to many place within the country, even in my area a man selling provision store was duped with counterfeit naira notes, and when he found out that the money where fake notes, he broke down, over 40thousand naira.

The economy has worsened, and there will be more cases of counterfeits. Counterfeiting was a part of the reason they changed the old currency and almost wanted to totally stop the old currency design from circulation, but they did not, and counterfeiters already have the new designs.

If cryptocurrency were accepted, it could have easily been a solution to this, but it is not, and since so, we have to properly educate anyone who we know is an important part of our business in the area of receiving cash payment from customers, they need to know how to distinguish between real and counterfiet money.

[Agbe]

These counterfeit currencies has spread to many place within the country, even in my area a man selling provision store was duped with counterfeit naira notes, and when he found out that the money where fake notes, he broke down, over 40thousand naira.

The economy has worsened, and there will be more cases of counterfeits. Counterfeiting was a part of the reason they changed the old currency and almost wanted to totally stop the old currency design from circulation, but they did not, and counterfeiters already have the new designs.

If cryptocurrency were accepted, it could have easily been a solution to this, but it is not, and since so, we have to properly educate anyone who we know is an important part of our business in the area of receiving cash payment from customers, they need to know how to distinguish between real and counterfiet money.

I don't think it was changed because of the counterfeits but for political manipulation. Nigerian election is pay and vote which have been the conditions of the electorates by the political class. And that is why they always to make sure that the people should suffer in hunger so that im election time, they give the voters peanuts to vote for them and that is working very well in the country. So the currency was redesigned to stop that so that the truth candidate would win the election but the fastest candidates used US dollar to buy votes and that is the cause of the country Economic Challenge. No country economy can escape counterfeits and it is the duty of the government to detect those fake currency nd burn them. And cryptocurrency did not come to overtake fiat but as alternative digital currency so they can move together with alongside. Nigerian economy is getting worse every day because of the wrong implementation of the economic policies. Since Currency is depreciating with dollar exchange, even cryptocurrency was accepted, things would be better unless the country currency appreciates.

[Dr.Bitcoin_Strange]

Central Bank printing their money is also considered counterfeiting actually. Whether their bank prints them or someone else, the result is just the same.

$10B from Binance make sense with this kind of news.

I totally agree with you mate. They tell us and make us believe that the central bank printing money is regulated and that they operate on a regulated framework,  but yet the country suffers from inflation due to excessive printing of money by the same central bank, yet they don't consider or view this as counterfeiting, meanwhile this single act is having the same results and effect as people who also counterfeit the currency. 

This whole traditional banking system is indeed one biased, crazy and flawed concept that everyone has just embraced and just pretend like there's nothing wrong with the system, even when we all know that this system is messed up, because a single entity can just wake up one morning and start printing money for his own personal interest.