The Central Bank of Nigeria (CBN) has reacted to “spurious and grossly uninformed claims” suggesting that about 20 per cent of the Naira notes in circulation are counterfeited.
Isaac Okorafor, CBN Ag. Director, Corporate Communications, in a statement Tuesday night said while no currency in the world was immune from counterfeiting, the rate of counterfeiting in Nigeria had 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.
“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 ten Naira pieces held by an individual 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.”
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