Central Bank of Nigeria (CBN) Governor, Malam Lamido Sanusi
Lamido on Wednesday revisited the issue of counterfeit naira notes
saying the ugly trend can be addressed by redesigning the naira.
Sanusi, who made this known during an interactive session with the
House of Representatives’ Committee on Banking and Currency,
was speaking on the backdrop of reported incidences of fake naira
notes been dispensed by the automated teller machines (ATMs)
across the country.
Explaining that redesigning of the naira note was supposed to be a
routine exercise carried out every seven or so years, Sanusi
regretted that the N5,000 note earlier proposed by the apex bank
was roundly rejected by Nigerians.
“Unfortunately, redesign suffered because of all the noise around
N5,000, and therefore, it’s been delayed because that is what
would have made it impossible for counterfeiters to counterfeit.
They would have to take another five, six, seven years before they
learn how to counterfeit. By which point, the central bank should be
redesigning the notes again.
“I suppose that at some point, the country would have to visit this
issue of redesigning the notes. But at the moment, based on popular
demand, we have had to step down the redesign,” Sanusi said
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