Abuja - 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
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
That equates to 14 counterfeit pieces out of 1 million
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