Nigeria’s Central Bank of Nigeria (CBN) disclosed yesterday that it recorded a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82 million was recorded in 2018.
The apex bank stated this yesterday in the Currency Operations 2018 Annual Report posted on its website.
It also revealed that the N500 and N1000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent respectively of the total counterfeit notes discovered.
The CBN said the figure indicated a decline of 1.30 per cent in volume terms and an increase of 5.77 per cent in value terms, when compared with 118,126 pieces with a nominal value of N93.43 million recorded in the corresponding period of 2017.
The regulator said the ratio of counterfeit notes to volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.
The apex bank said that to preserve the integrity of the banknotes in circulation, it partnered with Bankers Warehouse PLC and security agencies, to intensify efforts at mitigating the incidences of counterfeiting during the period under review.
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