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20% of Nigeria's money in circulation is fake – Mailafia, Ex-deputy CBN governor
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- A former deputy governor of the Central
Bank of Nigeria said the country has a total
of twenty percent fake currency in different
denomination in circulation
- Dr Obadiah Mailafia said this while
presenting a paper at the opening of a 3-
day budget public hearing at the National
Assembly on January 13.
- He said that the presence of ‘bad’ money
of such ‘magnitude’ will chase away the
good ones.
20% of Nigerian money in circulation is fake –
Mailafia, Ex-deputy CBN governor
Dr Obadiah Mailafia, a former deputy
governor of the Central Bank of Nigeria
(CBN) said Nigeria has a total of twenty
percent fake currency in different
denomination circulating in the
country.
Mailafia said this while presenting a
paper at the opening of a 3-day budget
public hearing at the National Assembly
on January 13...

According to him, the situation has
serious implications on the country’s
economy.
The former CBN deputy governor in a
paper titled ‘Public Finance in the
Context of Economic Recession:
Innovative Options,’ said the authorities
concerned failed to take the situation
seriously.
Going further, he noted that the
presence of ‘bad’ money of such
‘magnitude’ will chase away the good
ones.
“When fake currencies of that magnitude
circulate, original currencies become
scarce. Bad money chases away good
money,” he said, adding that fake money
would cause great injury to the country’s
economy in future if no concrete action
was taken,” he said.
He however noted that the current
economic recession facing the country
was caused by several factors which
include drastic fall in global oil prices,
dwindling foreign reserves, poor
banking practices, stock market crisis,
speculations among others.
He consequently encouraged the Buhari
led administration not to make any
attempt in increasing interest rate
because “it would further compound the
hardship Nigerians are facing.”
He further asked the government to
strive and ensure prompt payment of
taxes by every tax payer.
The National Assembly meanwhile
observed that there is lopsidedness in
the 2017 budget proposal currently
before it.
But according to chairman of the Senate
Committee on Appropriation, Senator
Danjuma Goje, all areas of lopsidedness
would be addressed.
He did not however state the areas of
lopsidedness.
In his remarks, Senate President Bukola
Saraki insisted that by engaging critical
stakeholders and members of the
general public to make input into the
2017 budget, the National Assembly
hoped to increase the efficiency of
government and its responsiveness to
citizens needs as well as improve
overall transparency and accountability
in governance.
Meanwhile, the educative video below
tells you everything you need to know
about the emergence of Nigeria Naira
note.
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