Central Bank of Nigeria

CBN confutes claim of counterfeit Naira circulation

The Central Bank of Nigeria (CBN) has disprove claims of high rate of counterfeit Naira in the country.The apex bank put the prevalence of forged currency in Nigeria from January to December 2016 at less than one per cent (0.0014) or 14 counterfeits out of one million bank notes.

Dismissing claims by a former deputy governor of the bank, Dr. Obadiah Mailafia that up to 20 percent of the Naira in circulation was fake, The acting Director, Corporate Communications Department of CBN, Mr. Isaac Okoroafor, said in a statement issued last night.

This was a reaction to what the bank described as “spurious and grossly uninformed claims,” which suggest that about 20 per cent of naira notes in circulation are counterfeits.

According to the bank: “While we acknowledge that no currency in the world is immune from counterfeiting, the rate of counterfeiting in Nigeria has been very minimal due to appropriate policies put in place.”

“In line with our core value of pro-activity, we have always endeavoured to use strong security features to make it difficult for dishonest persons to counterfeit the currency.

“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.”