The Central Bank of Nigeria (CBN) on Thursday revealed it is yet to fish out counterfeits of the naira note.
Amina Abdulmalik, Deputy Director, Currency Operations Department, CBN, said this at the apex bank’s special day, at the ongoing 36th Lagos International Trade Fair in Lagos.
According to the DD, counterfeiting and hoarding were the reasons for redesigning and issuing new naira notes.
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While explaining the challenges with the Naira note, Abdulmalik said there was a high level of counterfeiting in Nigeria.
She further revealed that Nigerians have set up factories and are just churning out bank notes.
Abdul Malik said:
“We have a huge challenge of counterfeiting; Nigerians have set up factories and are just churning out bank notes because those bank notes don’t come back into the banking system.
“We are not able to fish out the counterfeits; and most central banks in the world redesign when they see the level of counterfeits growing. But if you don’t have confidence in your bank notes then there’s a problem.”
“Also hoarding is another challenge; people simply love to keep this money at home, because of that hoarding, you find out that 84 per cent of our currency in circulation is outside the bank.
“Whoever does that is into illegal activities, like kidnapping. If you are afraid of taking your bank notes to the bank, then you have something to hide.”
The theme of the 2022 annual fair is, “Connecting Businesses, Creating Value.”
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