COUNTERFEIT NAIRA LESS THAN 1%, SAYS CBN

According to the Central bank of Nigeria, counterfeit Naira notes throughout 2016 was not above 1 % of total currency in circulation.

In a post on its website signed by Acting Director of Communications, Mr Isaac Okorafor, the CBN acknowledged that no world currency is immune from counterfeiting,and states that for the Naira,the ratio is actually 0.0014% from facts and figures available to the CBN.

By implication, it means thar only about 14 out of one million Naira notes in circulation could be fake.

This is no where near the 24% alleged in recent reports quoting an ex official of the CBN.

At 24%, explained the CBN, it means that not less than two out of every ten Naira notes in circulation is fake which is certainly not true even from practical experience of individuals at various markets and banking halls across the country.

What makes it difficult to produce counterfeits of the Naira, Okorafor added, are the strong security features in the notes and intermittent campaign by the CBN on how to identity fake notes.



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