Cbn says sountefeit naira in circulation is less than 1 not 20 as claimed

A interesting development!

You're referring to a statement by the Central Bank of Nigeria (CBN) that the amount of counterfeit naira in circulation is less than 1%, not 20% as previously claimed.

For context, the CBN had earlier estimated that about 20% of the naira in circulation was counterfeit, which sparked concerns about the impact on the economy and the effectiveness of the bank's anti-counterfeiting efforts.

However, in a recent statement, the CBN has disputed this figure, saying that the actual amount of counterfeit naira in circulation is less than 1%. This is a significant reduction from the earlier estimate, and it suggests that the bank's efforts to combat counterfeiting may be paying off.

It's worth noting that the CBN has been taking various measures to combat counterfeiting, including the introduction of new banknotes with enhanced security features, increased surveillance, and collaboration with other law enforcement agencies.

The reduction in the estimated amount of counterfeit naira in circulation is a positive development for the Nigerian economy, as it can help to increase confidence in the currency and reduce the risk of financial losses for individuals and businesses.

It's always important to verify information through credible sources, and in this case, the CBN's statement provides a more accurate picture of the situation.