Fake N1,000, N500 note in circulation declined by 20.80% in 2020: CBN
The Central Bank of Nigeria (CBN) says the faking of higher denomination banknotes in Nigeria dropped 20.80 per cent in volume and 12.18 per cent in value in 2020, lower than 84,934 pieces and N64.71 million in 2019.
The apex bank stated this in the Currency Operations 2020 Annual Report posted on its website.
According to the report, the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 per cent and 30.79 per cent, respectively, of the total counterfeit notes.
“Despite the decline, the recurring incidence of higher denomination banknote counterfeiting underscores the need to further strengthen the various measures designed by the Bank to prevent and mitigate the risk of counterfeiting.
“In this regard, the Bank would sustain its publicity campaign, collation of data on counterfeits for analyses and monitoring, as well as strengthen its collaboration with security agencies to curb the incidences of counterfeiting,” the CBN said.
The CBN said that a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83 million was recorded in the year under review.
It said that the data on counterfeit notes were mainly from four sources, namely: Security Agencies, Deposit Money Banks, CBN’s 24 processing centres and BWH PLC.
The apex bank said that the ratio of counterfeit notes to the volume of banknotes in circulation was 13 pieces per million, compared to 20 pieces per million banknotes in 2019.
CBN assured it would continue to collaborate with security agencies to sustain and combat counterfeiting activities as well as maintain the integrity of the banknotes in circulation.
(NAN)
More from Peoples Gazette
Politics
AnambraDecides: Polling Officer bolts with results sheets in Idemili LGA
While the returning officer, the PDP agent say there was no election in some wards, the APC agent says the election was held but it was not collated.
States
Jigawa: 36 jostle for five High Court, Sharia Court of Appeal judges vacancies
Two High Court judges and three Khadis are needed for the Jigawa Sharia Court of Appeal.
NationWide
Notorious suspect nabbed for multiple drug trafficking
The suspect had been arraigned in November 2020 over an attempt to export 15.700 kilogrammes of methamphetamine to Australia.
NationWide
Association of Nigerian Authors re-elects Camillus Ukah, other excos
They were re-elected for a second term to run the affairs of the association between 2021 and 2023.
Agriculture
Scarcity hits Lagos fresh fish market; traders lament
The fish sellers say poor fishing equipment, sand dredging and water hyacinth is responsible for the scarcity and high cost of fish.
Politics
AnambraDecides: Corps members have made history, NYSC boss says
About 5,000 corps members were deployed by the scheme to serve as polling officers during the conduct of the election in the state.