Nigeria has 20% fake currency in Circulation – Ex-deputy CBN governor

A former Deputy Governor of Nigeria's Central Bank, Obadiah Mailafia, says about 20 percent of the naira, in circulation is fake.

Speaking at a budget hearing in the National Assembly, Obadiah Mailafia called on the authorities to crackdown on fake money to protect the economy.

He blamed the economic crisis in Nigeria on a wide range of factors, including the sharp fall in oil prices, dwindling foreign reserves and corruption.
 
Mr Mailafia cautioned the government against increasing interest rates, saying it would rather compound the hardship Nigerians are facing. 

Nigeria, Africa's biggest economy, slipped into a recession last year for the first time in decades.

SOURCE: BBC NEWS