Nigeria’s Cash Counterfeit Problem Undermines Economy

By PYMNTS | June 26, 2013

Nigeria’s problem with currency counterfeiting is becoming a huge threat to the country’s economy, reported All Africa. If the issue worsens, it may cause economic distortions.

The Central Bank governor, Sanusi Lamido Sanusi, stated the problem could not afford to be avoided any longer, and that advancement in technology is making it easier for criminals to make counterfeit currency.

“Currency management covers the entire cycle of currency issue functions, from the printing of banknotes and minting of coins. It is not only cumbersome with the attendant complex logistical arrangements but also very expensive,” he said.

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