To stop Counterfeiting, we must redesign naira- says Sanusi

Central bank Governor, Lamido Sanusi Lamido said the proliferation of fake currencies in the country can only be stopped through the redesigning of the naira.

Sanusi, who made this declaration during an interactive session with the House of Representatives’ Committee on Banking and Currency said his earlier plan to introduce  N5,000 naira notes which was vehemently resisted by Nigerians was to wage the war against counterfeiting of naira. Fake naira notes are said to be so common that they are even dispensed by dispensed by  Automated Teller Machines (ATMs) across the country.

“Unfortunately, redesign suffered because of all the noise around N5, 000, and therefore, it’s been delayed because that is what would have made it impossible for counterfeiters to counterfeit. They would have to take another five, six, seven years before they learn how to counterfeit. By which point, the central bank should be redesigning the notes again.

“I suppose that at some point, the country would have to visit this issue of redesigning the notes. But at the moment, based on popular demand, we have had to step down the redesign,” he said.

Sanusi also ruled out the possibility of interest rates coming down, saying they are in fact likely to further go up. Currently interest rates  stand at between 17 and 25 percent. He also revealed that Excess Crude Account went down by $7 billion dollars, saying the government drew down on the account to balance the 2013 budget.

Recent Comments (2)

  1. Adewale July 19, 2013 at 9:55 am

    Why expending so much money on design and re-design of our currency, when we have more pressing issues in the country!

  2. Kate July 19, 2013 at 10:05 am

    The issue of #5000 note should be out of question, it is not ideal for the masses. Except for the benefit of the rich who have money at their disposal.

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