CBN: Apex bank says the amount of fake Naira in circulation is less than 1%

CBN: Apex bank says the amount of fake Naira in circulation is less than 1%

Godwin Emefiele

CBN acting Director, Corporate Communications, Isaac Okorafor disclosed this in a statement issued on Tuesday in Abuja

The Central Bank of Nigeria (CBN) says the amount of counterfeit Naira in circulation is less than one per cent.

The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor disclosed this in a statement issued on Tuesday in Abuja

A former Deputy Governor of the CBN, Dr Obadiah Mailafia, said on Monday in Abuja that 20 per cent of the total currency in circulation in the country was fake.

Okorafor said that the information given by the former apex bank staff was grossly exaggerated.

“While we acknowledge that no currency in the world is immuned from counterfeiting, we make bold to state that the rate of counterfeiting in Nigeria has been very minimal due to appropriate policies put in place by the bank.

“Indeed, our records at the Bank clearly indicate that the prevalence of counterfeit notes in Nigeria from January to December 2016 was less than one per cent.

“This means that there were only 14 counterfeit pieces out of one million bank notes,” he said.

To keep counterfeit currency low, Okorafor said CBN carried out periodic massive nation-wide enlightenment of Nigerians on easy identification of fake banknotes and reporting of such.

He added that the Naira “has strong security features which makes it difficult for dishonest persons to counterfeit the currency.”

He said also that the bank worked regularly with relevant security agencies to monitor and check the activities of counterfeiters.

“We therefore find it rather curious that a former high ranking official of the CBN will make such bogus and unauthentic claims apparently calculated to destroy confidence in our national currency and sabotage the collaborative efforts of the CBN and the Federal Government at ensuring enduring stability of the financial system.

“The unfortunate implication of the fabricated claim of the said former official of the Bank, is that it gives the false impression that two bills out of every 10 naira pieces held by an individual is fake.

ALSO READ: CBN blocks all transfers into Nigeria except Western Union, MoneyGram, Ria

“We therefore challenge the said former CBN official to make public the empirical evidence suggesting that 20 per cent Naira currency in circulation is fake,” he said.

Okorafor reiterated the apex bank’s commitment to ensuring that the Naira banknotes “are not susceptible to counterfeiting”.

Source: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *


More in Business

CBN: Apex bank pegs Dollar rate for school fees, PTA at N375

adminFebruary 18, 2017

Kraft Heinz: Company says Unilever rejected merger offer

adminFebruary 17, 2017

Ford: Automaker not scrapping plans to build Mexico factories

adminFebruary 17, 2017

Nestle: Food giant says tax effects ate into profits in 2016

adminFebruary 16, 2017

In Kwara: Gov Ahmed boosts SME sector with N2.5B

adminFebruary 15, 2017

Toyota: Automaker recalls all fuel-cell Mirai vehicles

adminFebruary 15, 2017

Heineken: Brewing giant's profits drained in 2016 by currency turmoil

adminFebruary 15, 2017

Huawei: Smartphone maker catching up on Samsung, Apple

adminFebruary 15, 2017

Toshiba: Shares tumble more than 10% over huge loss warning

adminFebruary 15, 2017