The Rate of Naira Counterfeiting Is Less Than One Per Cent

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.

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.

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