Former deputy governor of Central Bank of Nigeria (CBN), Obadiah Mailafia, says 20 percent of the currency circulating in the country is fake. He said this at the national assembly on Monday, while delivering a lecture at the public hearing on the 2017 budget.
Mailafia said it would be impossible to bring down food prices with fake currency in circulation.
Mailafia said apart from the foreign exchange crisis, the refusal of CBN to effectively regulate commercial banks contributed to the recession in the country.
He advised the authorities to take concrete steps to prevent the naira from plunging “down forever”.
He advised that the budgetary process should be structured in a way that would ensure rapid economic recovery.