The Governor of the Central Bank of Nigeria (CBN) Lamido Sanusi yesterday pleaded that the only way to end the menace of fake Naira currencies circulating the country is to have the Naira redesigned.
In an interactive session with the House of Representatives committee on Banking and Currency, Sanusi answered to the enquiry on why fake notes have been said to be issued by the automated teller machines (Atm) across the nation.
Saying that it was supposed to be a routine exercise done every seven or so yeears, he also regretted thet the issue of the planned N5000 notes has not been fruitfull due to the widespread rejection of the last attempt.
“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.
Going further, Sanusi informed the committee while responding to why monetary policy rates are high in the country that there isn’t much the CBN can do since other factors are responsible for the rates being above single digit.