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Wednesday 16 June 2021
HomeNewsNigeria’s apex bank moves against currency counterfeiting

Nigeria’s apex bank moves against currency counterfeiting

Governor of the Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi has said the bank will intensify its fight against currency counterfeiting in order to maintain the integrity of the nation’s economy.

The private Punch newspaper Tuesday quoted Sanusi as saying the move was also aimed at removing distortions that counterfeiting can create in the financial system.

Mr. Sanusi, who spoke at a workshop of the West African Institute for Financial and Economic Management, noted that the advance in technology has made it easier for currency counterfeiting.

“Currency management covers the entire cycle of currency issue functions, from the printing of banknotes and minting of coins, storage, distribution and processing, to the disposal of unfit notes. It is not only cumbersome with the attendant complex logistical arrangements, but also very expensive.

“Hence, the trend, for example, towards the outsourcing of some of the non-core processes such as currency distribution and currency processing to create space for the central bank to focus on its core functions,” the CBN boss said.

Mr. Lamido said central banks needed to safeguard the value of their countries’ currencies through various measures such as initiating policies relating to the issue and redemption of currency.

Other policies include preventing and minimising money laundering, counterfeiting and adequately meeting the demand for money by the public.

The CBN Governor said when confidence in the currency was strong, it would foster monetary and financial stability, a precondition for achieving sustainable economic growth.

The regional workshop on banknote, currency management and forecasting in central banks was attended by representatives from The Gambia, Ghana, Liberia, Nigeria and Sierra Leone, among others.

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