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Bullion

Keywords

Central Bank, Currency, Counterfeiting, Monetary policy, Nigeria.

Abstract

Currency counterfeiting is o worldwide phenomenon of great importance to currency management and monetary policy execution. This has resulted in transatlantic corporation and synergy in combating the malaise in addition to the efforts of the monetary authorities towards ensuring that banknotes are not susceptible to counterfeiting. Notwithstanding the zero currency counterfeit stance of the Central Bank of Nigeria, the menace remain unabated. The paper through the lens of available literature, identified issues and trends that undermine the effort of the Central Bank of Nigeria geared towards ensuring that banknotes are not susceptible to counterfeiting and also developed methodological framework for the exact measurement of counterfeited currency. Available data on currency counterfeit in Nigeria is envisaged with some dearth and hence the paper relied on dialectical methodology in juxtaposition with theoretical exposition to further give a detailed analysis. Finally, recommendations were provided to the Central Bank of Nigeria, policy makers, low enforcement agencies and government to serve as a framework for reducing or possibly eradicating currency counterfeiting activities in Nigeria.

Author Bio

The author is a staff of the Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

1

Volume

41

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