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Published On: Fri, Nov 28th, 2014

CBN warns against counterfeiting of Naira

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CBN-central-bank-of-NigeriaBy Aminu Imam

The Central Bank of Nigeria (CBN), in its resolve to sustain stakeholder confidence in the country’s paper currency notes, has commenced the education of the Nigerian public on the incorporated security features of the Naira, even as it warned culprits to desist from the unwholesome act of counterfeiting.

The CBN Governor, Mr. Godwin Emefiele gave the charge in Abuja on Wednesday, November 26, 2014, while declaring open the maiden temporary exhibitions of the Currency Museum on “Counterfeit Money: Who Pays?” and “Non-Interest Banking in Nigeria” held at the Bank’s auditorium.

Mr. Emefiele, who was represented at the event by the Deputy Governor in charge of the Operations Directorate, Alhaji Suleiman Barau, noted that educating the public would enable them identify counterfeited notes should they encounter such.

According to him, the CBN remains committed to safeguarding the value of the Naira by ensuring that banknotes are not susceptible to counterfeiting.

In his opening remarks, the Director, Currency Operations Department of the CBN, Mr. Olufemi Fabamwo, observed that technological advancement posed a serious threat for national currencies to be counterfeited.

He, however, stressed that the CBN was alive to its role of protecting the country’s legal tender from counterfeiting by putting in place appropriate policies relating to preventing and minimizing currency counterfeiting as well as providing the public with basis for easy identification of fake notes.

On the second subject of the exhibitions, Fabamwo noted that the concept of non-interest banking was largely still being misunderstood in Nigeria. While disclosing that the activities of non-interest banks are duly regulated by the CBN, he urged stakeholders to embrace the products offered by non-interest banking, which he noted are universally accepted and profitable to customers.

Highlight of the ceremony was the cutting of the tape to formally declare open the exhibition. This was followed by a guided tour of the museum performed by the curator, Mrs. Juliana Elugbadebo.

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