A
abujagirl
Guest
Former Deputy Governor of Central Bank of Nigeria, CBN, Dr. Obadiah Mailafia, has disclosed that 20 percent of the Naira in circulation are fake.
Mailafia made the disclosure in Abuja at the opening session of a three-day public hearing on 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
According to VANGUARD, the former CBN boss regretted that the government was not aware of the massive fake currency in circulation in the country, which he said was highly detrimental to the growth of the economy.
When fake currencies of that magnitude circulate, according to him, original currencies become scarce, adding that “bad money chase away good money.”
Mailafia made the disclosure in Abuja at the opening session of a three-day public hearing on 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
According to VANGUARD, the former CBN boss regretted that the government was not aware of the massive fake currency in circulation in the country, which he said was highly detrimental to the growth of the economy.
When fake currencies of that magnitude circulate, according to him, original currencies become scarce, adding that “bad money chase away good money.”