According to the Central Bank of Nigeria (CBN), faking of higher denomination banknotes in Nigeria decreased by 20.80% in volume and 12.18% in value in 2020, compared to 84,934 pieces and N64.71 million in 2019.
The apex bank stated this in the Currency Operations 2020 Annual Report posted on its website.
According to the report, the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 percent and 30.79 percent, respectively, of the total counterfeit notes.
It said: “Despite the decline, the recurring incidence of higher denomination banknote counterfeiting underscores the need to further strengthen the various measures designed by the Bank to prevent and mitigate the risk of counterfeiting.
“In this regard, the Bank would sustain its publicity campaign, collation of data on counterfeits for analyses and monitoring, as well as strengthen its collaboration with security agencies to curb the incidences of counterfeiting,’’ the CBN said.
The CBN said that a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83 million was recorded in the year under review.