COINS ACT
Act · Water
An Act provides for the legal tender status, production, and management of coins in Nigeria, including offences for counterfeiting and mutilation. It targets the Central Bank of Nigeria, the Nigerian Mint, financial institutions, and the public. This establishes a framework to prevent counterfeiting and maintain the integrity of the coinage system.
COINS ACT
What Is This Policy?
An Act providing for the legal tender status, production, and management of coins in Nigeria, and prescribing offences relating to coin counterfeiting and mutilation.
Who Does It Target?
The Central Bank of Nigeria as currency issuing authority Nigerian Mint as coin producer Financial institutions handling coins Members of the public holding and using coins
What Does It Aim to Achieve?
Establish the legal framework for Nigeria's coin currency, prevent counterfeiting and destruction of coins, and ensure the integrity of the coinage system.
Key Features
Legal Tender: Nigerian coins issued by the CBN are legal tender for payments up to prescribed limits. Mint Authority: The Nigerian Mint produces coins on behalf of the CBN. Counterfeiting Offences: Counterfeiting, defacing, or destroying coins is a serious criminal offence. CBN Powers: CBN may demonetise coins and call them in from circulation.
Current Status
Rollout Stage: Active Coverage: Nationwide Beneficiaries: Nigerian public; currency integrity Funding: CBN currency operations budget
How to Access
No special requirements for holding or using legal tender coins Damaged or mutilated coins may be exchanged at CBN branches Application method: Exchange mutilated coins at the Central Bank of Nigeria.
Important Terms
It is illegal to melt, destroy, or export Nigerian coins Counterfeit coins must be surrendered to CBN or police CBN may issue new coin specifications with adequate public notice
Official Resources
Website: https://www.cbn.gov.ng Contact: Central Bank of Nigeria (CBN)
Legal Framework
Enacted under the legislative powers of the National Assembly as the Coins Act (Cap C27 LFN 2004). Operates alongside the Central Bank of Nigeria Act 2007, the Currency (Offences) Act, and the Criminal Code Act (on counterfeiting offences). The CBN has exclusive authority over legal tender under its enabling Act. Aligns with international standards on anti-counterfeiting and the Basel Anti-Counterfeiting Programme.