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₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report - Business - Nairaland

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₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by dre11(m): 2:25pm On Oct 16, 2019
The Central Bank of Nigeria (CBN) on Wednesday, said that a total of 119,663 pieces of counterfeit notes with a nominal value of ₦98.82 million was recorded in 2018.

The bank said this in the Currency Operations 2018 Annual Report, posted on its website.

The CBN said the figure indicated a decline of 1.30 percent in volume terms and an increase of 5.77 Per cent in value terms when compared with 118,126 pieces with a nominal value of N93.43 million recorded in the corresponding period of 2017.

The regulator said that the ratio of counterfeit notes to the volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.

It said that the N500 and N1000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 percent and 34.49 per cent respectively of the total counterfeit notes discovered.

The bank said that to preserve the integrity of the banknotes in circulation, it partnered with Bankers Warehouse PLC and security agencies, to intensify efforts at mitigating the incidences of counterfeiting during the period under review.

The apex bank also said that the Currency- in-Circulation (CIC), grew by 0.8 percent to N2, 329.7 billion as at December 2018 ending.

The report noted that the growth in CIC reflected the high dominance of cash in the economy and an increase in economic activities.

“A breakdown of the CIC indicated that in terms of volume and value, the proportion of higher denomination banknotes (₦100, ₦200, ₦500 and ₦1000) in total, rose from 41.9 to 44.3 percent and 96.9 to 97.6 percent, respectively.

“The lower denomination currency notes continued to be preponderant in terms of volume, constituting 55.7 percent of the total.

“In value terms, it constituted 2.4 percent of the total banknotes. The ratio of CIC to nominal GDP, which measures the moneyness of the economy, fell slightly by 0.1 percentage point, to 1.8 percent in 2018.”

It said that the decline in the CIC/GDP ratio reflected increased usage of e-payment products such as electronic payments card.

https://m.guardian.ng/news/%e2%82%a6500-%e2%82%a61000-denominations-most-commonly-counterfeited-banknotes-cbn-report/

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Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by collinsz: 2:45pm On Oct 16, 2019
Ok
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by opportunes: 3:05pm On Oct 16, 2019
.
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by FarahAideed: 3:06pm On Oct 16, 2019
Nobody will waste time to counterfeit a lower denomination note

39 Likes 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by willsonzzy: 5:56pm On Oct 16, 2019
Ok
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Phyqee10(m): 5:56pm On Oct 16, 2019
True
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by ednut1(m): 5:56pm On Oct 16, 2019
is that not common sense

16 Likes 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by bajeen(m): 5:57pm On Oct 16, 2019
It is common sense na. The counterfeiters spend money to produce fake currency. Thus, it will not be 'profitable' for them to print lower denomination

6 Likes

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by NwaNimo1(m): 5:57pm On Oct 16, 2019
Obviously....
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by SamuelAnyawu(m): 5:57pm On Oct 16, 2019
So i should spend 50 naira in Counterfeiting one 50 naira note grin

7 Likes 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Nobody: 5:57pm On Oct 16, 2019
Money heist.

1 Like

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Sukueponmalu: 5:57pm On Oct 16, 2019
Who doesn’t know before?

3 Likes

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by armadeo(m): 5:57pm On Oct 16, 2019
Who's gonna stress himself to forge 50 naira.

If you want to chop frog chop big one.

2 Likes

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by solmusdesigns: 5:58pm On Oct 16, 2019
shocked


wow

we know does who specialise in counterfieting and fake products

CBN should make cashless policy more attractive by given incentives to customers and bringing in more vending machines at public places


..

4 Likes

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Duplik8t77(m): 5:58pm On Oct 16, 2019
When will CBN announce job slots? My pastor said he envisions that i will work there before the year runs out.

1 Like

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by adecz: 5:59pm On Oct 16, 2019
Na 20 or 50 dem for dey fake?


Tell us something new abegi ... lipsrsealed lipsrsealed
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by SamuelAnyawu(m): 6:00pm On Oct 16, 2019
Duplik8t77:
When will CBN announce job slots?

They gave over 500 peeps appointment 2 months ago... I celebrated with a friend who was lucky grin

2 Likes 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Hexos01(m): 6:01pm On Oct 16, 2019
9ja

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by eesdee: 6:03pm On Oct 16, 2019
We should just stop spending both notes, Nigeria would be better
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Playthepianos: 6:03pm On Oct 16, 2019
Check also:
Click here to see
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by sonnie10: 6:05pm On Oct 16, 2019
Made in China
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Day169: 6:06pm On Oct 16, 2019
Naturally, it's a 'no brainer'!
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by billagreen(m): 6:06pm On Oct 16, 2019
Is your pastor Tunde Ednut?


Duplik8t77:
When will CBN announce job slots? My pastor said he envisions that i will work there before the year runs out.

1 Like 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by phr0nesis(m): 6:11pm On Oct 16, 2019
Before nko
Are we expecting them to counterfeit N50?

1 Like

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by JujuBlaqHosan(m): 6:13pm On Oct 16, 2019
Before wetin una expect, person go liv ₦1000 go dey do fake ₦5

1 Like 1 Share

Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by Naijaarchive(m): 6:45pm On Oct 16, 2019
Before nko.... You expect them to use N100 to produce counterfeit N20 abi N200? Abeg... grin
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by mercyvivv(f): 7:01pm On Oct 16, 2019
According to hardworking folks in the counterfeiting sector, it costs #100 to produce each currency and another #100 on top when its sold! Business means they factor in profit!
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by TooMuchStuff: 7:05pm On Oct 16, 2019
They have started...!

But N200 note that has Fulani àhmadu Bello is suddenly the most secured banknote in the world.. !
While others with Southern National heroes are now easily faked by fraudsters...!

These CBN Buhari Fulanis ehn? Tueh
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by webngnews: 7:17pm On Oct 16, 2019
Hmmm
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by CharleyBright(m): 7:25pm On Oct 16, 2019
So these slowpoke in CBN think people will actually waste their energies counterfeiting N20 and N50?
Oya make them create N5,000 and N10,000 notes and see if counterfeiters will bother to counterfeit N500 and N1000 notes.
Mumu people..

Pls how many more days remain for Buhari to vacate Aso Villa?
Am counting down.
Re: ₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report by osato45: 7:25pm On Oct 16, 2019
Before nkor, higher denomination counterfit, more money for the fraudstar

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