20% Of Naira In Circulation FakeEx-CBN Dep Gov

The former deputy governor of the Central Bank of Nigeria (CBN), Obadiah Mailafiya, has disclosed that 20 per cent of the naira in circulation in Nigeria is fake.Delivering a paper at the beginning of the three-day public hearing on 2017 budget, Mailafia posited that it would be impossible to be bring down prices of food with the circulation of fake currency.He also attributed the countrys economic recession to the failure of the apex bank to effectively regulate commercial banks alongside the foreign exchange crisis.20 per cent of currency circulating in Nigeria is fake and there is little you can do to bring down food prices if you have fake currency circulating.I am a former deputy governor of CBN so when it comes to regulations we could have done better, Mailafia said.If you have a recession, you have to open a situation room, where experts will be monitoring the economy daily. These experts will work on ways to get the country out of the situation.Mr. Mailafiya who warned that until something is done, the naira will continue to plunge, also charged the government to live up to its responsibilities by doing all it can to take the economy out of recession and stabilize the exchange rates.If nothing is done naira will continue to plunge down forever. This is where boldness in economic policy is needed.Speaking at the opening ceremony of the public hearing on the 2017 budget yesterday, Speaker of the House of Representatives, Yakubu Dogara stated that the National Assembly would not be intimidated by those seeking to put the countrys democracy in a recession.Dogara berated self-acclaimed pundits who opined that the legislature cannot tinker with estimates of the countrys budget.As a consequence, no legislature worth its salt, such as ours, will ever abdicate this onerous constitutional responsibility no matter the degree of intimidation and blackmail the legislature is subjected to by persons who want to cow the legislature and brazenly put our democracy in a recession.The legislature, which is the most immediate representative of our people, must and will always exercise its powers for the general good.
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