Modern Technology Responsible For Increased Currency Counterfeiting - CBN

The Central Bank of Nigeria (CBN) and the West African Institute for Financial and Economic Management (WAIFEM) has identified development in technology as the reason for increased currency counterfeiting across the globe especially in developing countries.

In a workshop on "Banknotes, Currency Management and Forecasting in Central Banks" on Monday in  Abuja, Nigeria CBN Governor, Mr. Sanusi Lamido Sanusi represented by Deputy Governor, Economic Policy, Mrs. Sarah Alade explained that the concept of the workshop is to provide a forum where experts in the industry will converge to proffer  solution to the continued demand of currency as well as deliberate further on financial inclusion policy.



"Currency management, as the name implies, covers the printing, circulation, monitoring and even the destruction of the damaged currencies".

Mrs. Alade admitted that polymer instead of note currencies tends to be more durable, efficient and easy to handle especially in our contemporary challenging and harsh environment.

She urged effective currency managers commence with critical research and strategic analysis of the life cycle of the intended type currency to put in use in their respective countries.

for his part, Director General, WAIFEM, Mr. Akpan Ekpo admitted that the challenges of protecting currencies from counterfeiters has increasingly become more cumbersome and dependent on partnership between the law enforcement agencies, financial institutions and central banks, as well as the security printing and minting industries.

Mr. Akpan while advocating increased implementation of cashless policy, which is operational in Lagos and five more states, described currency management as an integral part of overall economic management, adding that currency management is one of the critical functions of Central banks and its integrity and efficiency are the clear indicators of a well functioning regulatory body.

The four days workshop draws experts, bankers and financial stakeholders across Africa and beyond and it is expected to among other things deliberate on Coin development in Africa and worldwide, Benefits of polymer currency, Modern approach in currency management, Development and impact of external cash devices in the currency world.