The Circulation of fake Naira Notes, counterfeits of the newly redesigned note in the Country is not a shock and must be fought by all Nigerians including the nations’ security establishment.
The Chief Executive Officer of Finance with Mukthar and Financial Expert, Mukthar Muhammed made this revelation while speaking to TVC News Breakfast on Tuesday Morning.
He added that while many people were in the process of trying to wrap their heads around the redesigning of the New Naira Notes that those who are in the Business of Counterfeiting it have also been on the move to put fake notes into circulation.
He described the situation as an unfortunate one but added that the buck does not stop at the table of the Central Bank of Nigeria alone but involves security agencies too.
He also blamed the lethargy and failure of the Central Bank of Nigeria to enlighten Nigerians on what the notes look like before release into circulation and the security features to guard against Counterfeiting.
He however expressed surprise that the counterfeiters were able to beat the Central Bank of Nigeria to the punch, he said the issue also shows that the Security agencies are also not on top of their games.
He also wondered what the National Orientation Agency has been doing in this regard.
He however disclosed that he is confident that the Central Bank of Nigeria and Security agencies are capable of doing the needful.
He also said every currency in the world will suffer counterfeiting but the protection inherent in the currency and security features will always ensure that it stays the course irrespective of the level of counterfeiting.
He urged the Central Bank of Nigeria and the National Orientation Agency should do more to enlighten Nigerians on the features of the new notes to stop the circulation of the counterfeit notes which according to him is inevitable.
On the Security implications of the circulation of the Counterfeit Notes, he said the only way this can be stopped is the nation going cashless but urged the CBN to take another look at the limit.
He said all these issues will demand the improvement of infrastructure, enlightenment and Others.
He said the Central Bank of Nigeria must raise its game to ensure the success of the Policy.
He urged Nigerians to ensure payment for them are done into bank accounts to completely eliminate counterfeit notes but urged the Central Bank of Nigeria and Security Agencies to track down the perpetrators.
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