Former Deputy Governor of the Central Bank of Nigeria, Dr. Obadiah Mailafia on Monday at the opening session of a three-day public hearing on 2017 budget appropriation process in the National Assembly said 20 per cent of the naira in circulation were fake.
According to him, the government is not aware of massive fake currency in circulation.
He added that it was detriment to the growth of the economy, stating that original currency remains scarce with such magnitude of fake notes.
The former CBN deputy governor also alleged that investors’ knowledge of huge economic potentials injected in the country accounted for the recent over-subscription of $1 billion Eurobond initiated by the Federal Government.
The former deputy governor warned the Federal Government and financial regulators against toying with high interest rate, pointing out that it will only aggravate the nation’s economic woes.
He also warned against contemplating increasing tax, suggesting that the Federal Government should rather drive for more income tax by getting more people to pay taxes instead of increasing it.
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