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CBN Promotes Alternative Payment Methods to Combat Counterfeiting

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CBN Promotes Alternative Payment Methods to Combat Counterfeiting

CBN Promotes Alternative Payment Methods to Combat Counterfeiting

CBN Promotes Alternative Payment Methods to Combat Counterfeiting

Central Bank of Nigeria (CBN) don talk say make Nigerians and banks shine their eye well-well as dem dey see fake money, especially the one wey dey high amount.

The bank talk am for one statement wey Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications, sign on Friday, December 8, 2023.

CBN yan say e dey against the law make person forge, make, or copy any money or coin wey CBN talk say make dem use for Nigeria.

According to Section 20(4) of the CBN Act (2007 wey dem don change), dem fit carry person wey do this kind thing go prison for at least 5 years.

CBN con talk say dem don notice people dey use fake money, especially big one, for places like food markets and other places wey people dey buy and sell for big cities inside Naija.

CBN yan say dem dey work together with security and financial people to catch those wey dey make fake Naira and collect the one wey don dey circulate.

Dem talk say make Nigerians fit help dem by reporting anybody wey dem think say get fake money to the nearest police station, CBN branch, or contactcbn@cbn.read; Jay Boogie Opens Up About Plastic Surgery Backlash (Video)

Dem talk say make banks, financial houses, bureau de change, and everybody make dem shine their eye well and dey careful so that dem no go collect or share fake money. Dem come advise everybody make dem dey use other ways do transaction, like e-channels, so that fake money no go spread.

For another matter, Nigeria get better increase for foreign exchange wey reach $11.11 billion for July and August. According to CBN August economic report on top how foreign exchange dey waka for economy, dem talk say the money wey enta August waka pass July waka by 5.8%.

CBN yan say the increase na because people wey no be government put money for the matter. The inflow of foreign exchange for August waka go $2.33 billion, wey be 2.9% pass wetin dem see for July.

Dem come talk say the total money wey enta economy for August na $5.71 billion, wey be 5.8% pass July own. But the money wey comot go another place (outflows) waka go $3.38 billion, wey be 8.0% pass the one for July.

CBN come talk say the money wey comot and enter their hand (inflow) for August waka go $2.44 billion, wey be 5.9% less pass the one for July. But the one wey comot for dia hand (outflow) waka go $2.98 billion, wey be 6.3% pass July own.

People wey no be government wey put money for the matter, bring $3.28 billion waka come, wey be 16.6% pass the one for July. But the money wey waka go another place (outflow) na $0.40 billion for August, wey be 22.3% pass the one for July.

The total money wey waka come from people wey no be government na $2.88 billion for August, wey pass the $2.48 billion wey dem get for July. But the money wey comot for dia hand na $0.55 billion, wey pass the $0.22 billion wey dem get for July.

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All these tori about money show say the foreign exchange matter for Nigeria dey go up and down, but the CBN dey watch and make sure say everything balance for the economy. Na so dem take talk am.

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