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CBN records over N98m counterfeit notes

The Central Bank of Nigeria, CBN, says 119,663 pieces of counterfeit notes with a nominal value of N98.82 million was recorded last year.

This was contained in the Currency Operations 2018 Annual Report, posted on its website.

According to the report, the figure indicates a decline when compared with 118,126 pieces with a nominal value of N93.43 million recorded in the corresponding period of 2017.

It said that the N500 and N1000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent of the total counterfeit notes discovered.

Annabel Nwachukwu.

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