CBN assures Nigerians, says fake currency in circulation less than 1%

CBN assures Nigerians, says fake currency in circulation less than 1%

CBN assures Nigerians, says fake currency in circulation less than 1%

Contrary to claims that about 20 per cent of the Naira in circulation is fake, the Central Bank of Nigeria (CBN) has said this is not so.

The apex bank claims that the amount of fake naira in circulation is actually less than one per cent and not 20 per cent as claimed.

A former deputy governor of CBN, Dr. Obadiah Mailafia, had claimed in Abuja at the opening session of a three-day public hearing on 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.” that up to 20 per cent of the Naira in circulation was fake.

However, CBN’s acting Director, Corporate Communications, Mr. Isaac Okoroafor, in a statement issued Tuesday night refuted that claim and said that fake naira notes in circulation are less than one per cent of the total Naira in circulation.

Part of the statement read, ‘’The attention of the CBN has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.

‘’While we acknowledge that no currency in the world is immune 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 (0.0014%) or 14 counterfeit pieces out of one million bank notes.

Read also: CBN rejects banks’ appeal to reduce penalty for forex default

‘’In line with our core value of proactivity, we have always endeavored to use strong security features to make it difficult for dishonest persons to counterfeit the currency.

‘’In addition to that, we have carried out periodic massive nation-wide enlightenment of Nigerians on easy identification of fake banknotes and the reporting of such.

‘’We, therefore, find it rather curious that a former high ranking official of the CBN would 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 a person is ‘fake’.

‘’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.

‘’For the avoidance of doubt, the CBN frowns strongly at attempts to counterfeit the Naira. We remain committed to safeguarding the value of the Naira by ensuring that our Naira banknotes are not susceptible to counterfeiting.

‘’We also work constantly with relevant security agencies to monitor and check the activities of counterfeiters.

‘’Members of the public are therefore
advised to disregard the false alarm raised by the said former CBN official, be wary of the activities of counterfeiters and report any case of counterfeiting to the police and their banks.’’



RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!
/* ]]> */