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CBN warns against counterfeiting of naira

By BusinessNews Staff on November 28, 2014

The Central Bank of Nigeria (CBN) in its resolve to sustain stakeholder confidence in the country’s currency has commenced the education of Nigerians 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 yesterday while declaring open the maiden temporary exhibitions of the Currency, according to a statement .
Emefiele, who was represented at the event by the Deputy Governor in charge of the Operations Directorate, Alhaji Suleiman Barau, noted that educating members of 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 minimising currency counterfeiting as well as providing the public with basis for easy identification of fake notes.
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 were 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.

[ThisDay]

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