FAKE NAIRA NOTES IN CIRCULATION
A former Deputy Governor of the Central Bank, Mr. Obadiah Mai–Lafia has raised alarm that twenty percent of the naira notes in circulation is fake.
Mr. Mai-Lafia announced this at a three-day public hearing of the 2017 budget organized by the National Assembly in Abuja.
Mr. Mai-Lafia warned that unless the Federal Government took effective step to get them out of circulation, the fight against inflation would not yield the desired result.
He acknowledged that the present administration inherited the recession Nigeria was experiencing but advised the Federal Government to be soft on taxation and instead aim for diversification of the economy.
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