Published On: Wed, Feb 15th, 2017

CBN angered by fake Naira circulation reports

Inflation projected to accelerate in the long term

Nigerian Naira

LAGOS, (CAJ News) – THE Central Bank of Nigeria (CBN) has dismissed reports 20 percent of the Naira currency notes in circulation are  counterfeited.
A former high ranking official of the CBN made the claims. Isaac Okorafor, Acting Director, Corporate Communications, denounced the claims as “spurious” and “grossly uninformed.”
“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.”
He said the records at the bank indicated the prevalence of counterfeit
notes in Nigeria from January to December 2016 was less than 1 percent (0,0014 percent).
That equates to 14 counterfeit pieces out of 1 million bank notes.
Okorafor said in addition, CBN had carried out periodic massive nationwide 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.”
He therefore challenged the unnamed former CBN official to make public the empirical evidence suggesting that 20 percent Naira currency in circulation was fake.

CAJ News

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