HOW FAKE Naira Notes Flood Nigerian Markets - Ex CBN Chief Reveals

Twenty per cent of the currency in circulation is fake, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, has disclosed. He made the disclosure yesterday while speaking at the opening session of a three-day public hearing on the 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
Mailafia who said investors’ knowledge of the huge economic potential in Nigeria was the reason for the recent oversubscription of the $1 billion Eurobond sale by the federal government, adding that it was saddening that the concerned authorities appear to be oblivious of the gravity of the fake currency in circulation, which he said was highly detrimental to the growth of the economy. According to him, when fake currencies of that magnitude circulate, original currencies become scarce, warning that “bad money chases away good money”.