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Home Economy Rate of Naira Counterfeiting Is Less Than One Per Cent- CBN Spokesperson 
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Rate of Naira Counterfeiting Is Less Than One Per Cent- CBN Spokesperson 

By
Isaac Okorafor
-
February 14, 2017

CBN Headquarters
CBN Headquarters

The attention of the Central Bank of Nigeria (CBN) has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.
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. 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.

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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.

Members of the public are therefore advised to disregard the false alarm raised by the said former CBN official, be wary of the activities of counterfeiters and report any case of counterfeiting to the police and their banks.

Isaac Okorafor
Ag. Director, Corporate Communications

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Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego AbdullahiNAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in BornoFG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One MURIC to Alaafin: No Law Grants You Power to Appoint Chief Imam of OyoRenewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister, Imaan Sulaiman-IbrahimNigeria Fights Back Against Banditry and Insecurity By Senator IroegbuNigeria Fights Back Against Banditry and InsecurityNavy Retrains Personnel on Weapon Handling to Boost Operational Efficiency
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