Fake N1,000, N500 notes in circulation declined by 20.80% in 2020 – CBN

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.

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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.

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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)

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