Lagos - The Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, said redesigning the currency would counter the circulation of fake Naira notes.
He said while this was the norm worldwide, the idea had been rejected locally much to the prevalence of counterfeit money.
“One of the reasons we wanted to have a restructuring of the redesign of the currency a few months ago was because many of our notes have been in existence for upward of eight or even ten years," Sanusi said.
“Now, the best practice is that within a period of five to eight years, the central bank redesigns the currency, because after that period, counterfeiters tend to catch up,” he explained.
The CBN governor was speaking before the House of Representatives Committee on Banking and Currency to explain the source of the fake Naira notes ATMs of some commercial banks were reportedly dispensing.
Earlier this month, the House of Representatives passed a resolution to investigate the reports.
This followed concerns law abiding citizens had been victims of this practice, which had led to the loss of legitimate funds by Nigerians.
- CAJ News