Currencies

CBN discovered N56.83 million worth of counterfeit notes in 2020

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The Central Bank of Nigeria (CBN) has revealed that it discovered counterfeit notes with a nominal value of N56.83 million in 2020.

This was revealed by the apex bank in its recently released currency report.

According to the apex bank, counterfeit currency is an imitation of currency produced without legal sanction from the state or government. Producing or spending counterfeit currency is a form of fraud or forgery.

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