Report: Nigerian Currency Counterfeiting Could ‘Distort’ Economy

Report: Nigerian Currency Counterfeiting Could ‘Distort’ Economy

From All Africa.

Technology advances are making it easier to counterfeit money and the practice could threaten Nigeria’s economy and cause distortions, according to a report in Daily Trust.

Increased counterfeiting in Nigeria and around the world is challenging currency management, said Central Bank of Nigeria Governor Sanusi Lamido Sanusi, who spoke at  a workshop of the West African Institute for Financial and Economic Management in Abuja, according to the report. In attendance were representatives from Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

Sanusi defined currency management as covering the entire cycle of issuing currency starting with minting coins and printing bank notes.

Read more at All Africa.