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N500, N1000 denominations mostly counterfeited banknotes ― CBN

The Central Financial institution of Nigeria (CBN) on Wednesday, stated {that a} complete of 119,663 items of counterfeit banknotes with a nominal worth of N98.82 million was recorded in 2018.

The financial institution stated this within the Forex Operations 2018 Annual Report, posted on its web site.

The CBN stated the determine indicated a decline of 1.30 p.c in quantity phrases and a rise of 5.77 Per cent in worth phrases in comparison with 118,126 items with a nominal worth of N93.43 million recorded within the corresponding interval of 2017.

The regulator stated that the ratio of counterfeit notes to the amount of banknotes in circulation was 18 items per million, in comparison with 16 items per million banknotes found in 2017.

It stated that the N500 and N1000 denominations remained probably the most generally counterfeited banknotes, which accounted for 65.29 p.c and 34.49 per cent respectively of the whole counterfeit notes found.

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The financial institution stated that to protect the integrity of the banknotes in circulation, it partnered with Bankers Warehouse PLC and safety companies, to accentuate efforts at mitigating the incidences of counterfeiting throughout the interval underneath evaluation.

The apex financial institution additionally stated that the Forex- in-Circulation (CIC), grew by 0.eight p.c to N2, 329.7 billion as at December 2018 finish.

The report famous that the expansion in CIC mirrored the excessive dominance of money within the economic system and a rise in financial actions.

“A breakdown of the CIC indicated that by way of quantity and worth, the proportion of upper denomination banknotes (N100, N200, N500 and N1000) in complete, rose from 41.9 to 44.three p.c and 96.9 to 97.6 p.c, respectively.

“The decrease denomination foreign money notes continued to be preponderant by way of quantity, constituting 55.7 p.c of the whole.

“In value terms, it constituted 2.4 percent of the total banknotes. The ratio of CIC to nominal GDP, which measures the moneyness of the economy, fell slightly by 0.1 percentage point, to 1.8 percent in 2018.”

It stated that the decline within the CIC/GDP ratio mirrored elevated utilization of e-payment merchandise equivalent to digital funds card.


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