The Central Bank of Nigeria (CBN) has alerted the public about counterfeit naira banknotes appearing in major cities, particularly in food markets and commercial centres.

With the country facing cash shortages, the CBN highlights panic withdrawals as a cause, refuting claims of a scarcity of cash in circulation.

The central bank is collaborating with security and financial agencies to confiscate these fake banknotes and prevent their distribution.

Individuals caught counterfeiting naira banknotes could face a minimum of five years in prison.