COUNTERFEIT CURRENCY (SPECIAL PROVISIONS) ACT
Act · Security
An Act prescribes special offences and penalties for counterfeiting Nigerian currency and monetary instruments. It targets individuals involved in counterfeiting and law enforcement agencies to enhance investigations and prosecutions. This protects the integrity of the national currency and deters fraud.
COUNTERFEIT CURRENCY (SPECIAL PROVISIONS) ACT
What Is This Policy?
An Act prescribing special offences and penalties for counterfeiting Nigerian currency and other monetary instruments, with provisions for asset forfeiture and enhanced investigative powers.
Who Does It Target?
Persons counterfeiting Nigerian naira notes and coins EFCC and Nigeria Police investigating currency crimes CBN acting as complainant in currency fraud cases Banks and financial institutions detecting counterfeit currency
What Does It Aim to Achieve?
Protect the integrity of Nigerian currency, deter counterfeiting through severe criminal penalties, and provide law enforcement with effective tools to investigate and prosecute currency fraud.
Key Features
Counterfeiting Offences: Criminalises the making, possession, use, and distribution of counterfeit Nigerian notes and coins. Enhanced Penalties: Penalties exceed those in the general Criminal Code for the same offences, reflecting the seriousness of currency crimes. Forfeiture: Equipment and materials used in counterfeiting are forfeited to the government upon conviction. CBN Role: CBN may initiate prosecutions and is a key partner in detecting and reporting counterfeiting.
Current Status
Rollout Stage: Active Coverage: Nationwide Beneficiaries: Public confidence in the naira; economic stability Funding: Federal Government
How to Access
Report suspected counterfeit currency to CBN, the Police, or EFCC Banks must submit detected counterfeit notes to CBN and report details Accepting counterfeit currency unknowingly does not constitute an offence Application method: Report counterfeit currency to CBN Currency Operations Department or EFCC.
Important Terms
Knowingly passing counterfeit currency is a serious criminal offence regardless of amount CBN publishes security features of genuine naira notes to help public detect counterfeits Currency counterfeiting is treated with the same seriousness as financial terrorism
Official Resources
Website: https://www.cbn.gov.ng Contact: Central Bank of Nigeria (CBN) / EFCC
Legal Framework
Enacted under the legislative powers of the National Assembly as the Counterfeit Currency (Special Provisions) Act (Cap C34 LFN 2004). Operates alongside the Central Bank of Nigeria Act 2007, the Coins Act, the Criminal Code Act on counterfeiting offences, and the EFCC Act. Aligns with the Basel Anti-Counterfeiting Group (BACG) standards and Interpol operations on currency counterfeiting.