The Central Bank of Nigeria (CBN) Governor, Mallam Sanusi lamido Sanusi,has charged Central Banks in the West African sub-Region to safeguard the value of their countries’ currencies through various measures, such as initiating policies relating to the issue and redemption of currency,preventing and minimizing money laundering and counterfeiting, as well as adequately meeting the demands for money by the public.
Sanusi, who gave the charge at a workshop of the West African Institute for Financial Economic Management in Abuja, recently reiterated the CBN’s readiness to continue to fight against currency counterfeiting, a situation, which he said, if not addressed, could undermine the integrity of the nation’s economy and create distortions.
The regional workshop on bank note currency management and forecasting in central banks was attended by representatives from Gambia, Ghana, Liberia, Nigeria and Sierra Leone among other countries.
The CBN boss, noted that the advancement in technology had made it easier for currencies to be counterfeited, adding that when confidence in the currency was strong, it would foster monetary and financial stability, a situation which would help in achieving sustainable economic growth.
He pointed out that currency management covered the entire cycle of currency issue functions from the printing of bank notes and minting of coins, storage, distribution and processing, to the disposal of unfit notes. “It is not only cumbersome with the attendant complex logistical arrangements, but also very expensive”.
Sanusi, therefore emphasized the need towards the outsourcing of some of the non-core processes, such as currency distribution and currency processing to create space for the central banks to focus on its core functions.
