CBN warns against naira faking

The Central Bank of Nigeria (CBN), on Wednesday, began public enlightenment campaign on the incorporated security features of the naira, warning counterfeiters to desist from the unwholesome act.
CBN Governor, Godwin Emefiele, who spoke in Abuja where he opened the maiden temporary exhibition of currency museum, said educating the public would enable them identify counterfeited notes.
Represented by the Deputy Governor in charge of the Operations Directorate, Alhaji Suleiman Barau, Emefiele, who spoke on ‘Counterfeit Money: Who Pays? and ‘Non-Interest Banking in Nigeria’, held at the bank’s auditorium, said CBN remains committed to safeguarding the value of the naira by ensuring that banknotes are not susceptible to counterfeiting.


Speaking earlier, CBN Director, Currency Operations Department, Olufemi Fabamwo, observed that technological advancement posed a serious threat for national currencies to be counterfeited.
He assured that CBN is 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.
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.
Meanwhile, CBN Deputy Governor designate, Okwu Joseph Nnanna, has called for recapitalisation and empowerment of development banks to finance the real sector as an alternative to the prevailing high-interest rate in the banking sector.
Nnanna, a former Director of Research at the CBN and until his nomination as CBN Deputy Governor, an Alternate Director General, representing Nigeria at the IMF, however stressed the need to strengthen the corporate governance structures of these development banks.
He noted that the bank had always been supportive of the development banks but cautioned that government should stop treating development banks as ‘Father Christmas’ if these institutions are to perform their roles effectively.
Source: dailyindependent