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CBN confirms N500 and N1000 as two most counterfeited banknotes in Nigeria  

The Central Bank of Nigeria (CBN) has disclosed that N500 and N1000 notes were the most counterfeited or faked naira notes in 2018.

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CBN's Standing Deposit Facility, Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion , CBN confirms N500 and N1000 as two most counterfeited banknotes in Nigeria  

The Central Bank of Nigeria (CBN) has disclosed that N500 and N1000 notes were the most counterfeited naira notes in 2018. The apex bank made this disclosure in the 2018 annual report released by its Currency Operations Department.

According to the CBN currency department, N500 and N1000 denominations were the most commonly counterfeited banknotes in 2018, and both notes accounted for 65.29% and 34.49% respectively of the total counterfeit notes.

[READ MORE: CBN begins refund of N500 billion LDR penalties to Banks]

The details: According to the report, the counterfeit notes recorded during the year under review were mostly from four (4) sources, namely: Security Agencies, Deposit Money Banks (DMBs), CBN’s 24 processing centres and BWH PLC.

It was disclosed that the ratio of counterfeit notes to the volume of banknotes in circulation has been on the increase. Basically, the ratio of counterfeit notes to volume of banknotes in circulation rose to 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.

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Following this, the CBN destroyed N98.82 million counterfeit notesAccording to the CBN report, a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82 million was recorded in 2018. This means an increase of 1.30% in volume and 5.77% in value compared to 118,126 pieces with a nominal value of N93.43 million recorded in 2017.

According to the CBN“The increasing trend of counterfeiting of higher denomination banknotes underscores the need for more concerted efforts in managing the risk. The Bank would, however, sustain its publicity campaign, collaborative efforts with security agencies and collation of data on counterfeits, to mitigate the incidences of counterfeiting.”

“Meanwhile, to maintain the integrity of the banknotes in circulation, the currency department continued to intensify its efforts at mitigating the incidences of counterfeiting activities during the period under review.”

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[READ ALSO: CBN spends N231.2 billion to print banknotes in 6-year, up by 105%]

The latest disclosure on fake banknotes further suggests that counterfeit or fake banknotes still remain a challenge in Nigeria’s financial sector. Earlier in January 2019, the CBN released a circular to all DMBs on ‘Penalty for payment of counterfeit notes from ATMs, Teller Points’.

In the circular, the CBN made known that it had imposed a penalty fee of N1 million on each branch of DMBs for non-compliance with its ‘Banknote fitness guidelines and clean note policy documents for the industry.’

In the meantime, it remains unclear if the CBN has effectively begun the imposition of the penalty on banks over fake banknotes.

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Coronavirus

COVID-19: Evidence suggests that new variants could pose challenge for vaccines

The research findings show that the new COVID variants may likely not respond well to the vaccines.

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Recent research findings suggest that the new coronavirus variants would likely pose a big challenge for the vaccines, as revealed by studies by several medical researchers.

The new variant was first discovered in South Africa in October but has now been spread to more than a dozen countries all over the world.

According to the most recent findings, as reported by CNN, researchers took antibodies from six people who were hospitalized with Covid-19 before the new variant was discovered. They found to varying degrees, that the antibodies for all six of the survivors were unable to fully fight off the virus.

According to Alex Sigal, a virologist at the Africa Health Research Institute and the Max Planck Institute for Infection Biology, “I think the evidence is building that these mutations — and I think other mutations — will emerge across the globe — and are emerging already — that are escaping antibodies from previous infection. It’s concerning.”

According to Jesse Bloom, a virologist at the Fred Hutchinson Cancer Research Center, “When you see two groups independently arriving at same basic answer, that good — there’s more consonance that they are correct”

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What you should know

  • Sigal’s findings were very similar to those of a recent study by the National Institute for Communicable Diseases in South Africa.
  • A research study has revealed that mutations in the new variant allowed them to evade some of the immunity induced by vaccination, but it was far from a complete escape.
  • One thing that is critically safe for everyone is to get vaccinated, while the researchers are working to confirm whether these variants are dangerous or not to contain with the vaccines.
  • According to Alex Sigal, “I would for sure get it if I could. My father-in-law had the opportunity to fly to Israel and get it, and I was shooing him out of the house because you can’t get it here in South Africa.”
  • In a research study done at Rockefeller University, from a sample of 20 people who had received either the Moderna or the Pfizer vaccine, it was found that different mutations in the viruses did allow some escape from some types of antibodies, but the volunteers’ immune systems threw an army of different types of antibodies at the viruses.
  • According to the research conducted in South Africa, blood was drawn from 44 people who had Covid-19 but the antibodies of about half of the 44 people were powerless against the new variant, while the other half, their antibody responses were weakened, but not totally knocked out.

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Tech News

Facebook Oversight Board to review decision to suspend Trump’s account

The decision to suspend Donald Trump’s Facebook and Instagram accounts will be examined by an oversight board.

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US government to ban WeChat and TikTok from app stores, Reasons why a record number of people are giving up their US citizenship, US approves chloroquine as treatment for coronavirus COVID-19, Nigeria U.S. Donald Trump-oil prices, My COVID- 19 illness, a blessing from God –Trump

Facebook’s Oversight Board has received a proposal to revisit the decision to indefinitely suspend former US President, Donald Trump’s access to Facebook and Instagram.

On January 7, Facebook suspended Trump’s account indefinitely, a decision reached when he incited a violent mob that stormed the U.S. Capitol, leaving the country shaken.

Nick Clegg, Facebook VP of Global Affairs and Communications said that the circumstances around Trump’s suspension was an unprecedented set of events that called for unprecedented action and also explained why the Oversight Board would review the case.

Our decision to suspend then-President Trump’s access was taken in extraordinary circumstances: A U.S. president actively fomenting a violent insurrection designed to thwart the peaceful transition of power; five people killed; legislators fleeing the seat of democracy,” Clegg said. “This has never happened before — and we hope it will never happen again.”

The oversight board was established last year to make the final call on some of the most difficult content decisions Facebook makes. It is an independent body and its decisions are binding — they can’t be overruled by CEO Mark Zuckerberg or anyone else at Facebook. The board itself is made up of experts and civic leaders from around the world with a wide range of backgrounds and perspectives.

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According to the Oversight Board, a five-member panel will evaluate the case soon with a decision planned within 90 days. Members will decide whether the content involved in this case violated Facebook’s Community Standards and values. They will also consider whether Facebook’s removal of the content respected international human rights standards, including freedom of expression.

Trump’s case is a big moment for how impactful the board’s decisions will really wind up being. If the board overturns Facebook’s decision, that decision would likely kick up a new firestorm of interest around Trump’s Facebook account, even as the former president recedes from the public eye.

What you should know

  • Following the violent attack of the US Capitol building by Trump supporters, Facebook announced the suspension of Trump’s account indefinitely, on allegations of inciting his supporters.
  • YouTube also suspended Trump’s channel and removed new content uploaded by Trump’s campaign, citing potential threats of violence.
  • Twitter announced it has permanently suspended Trump, citing the risk of further incitement of violence.
  • Jack Dorsey, the CEO and founder of Twitter, in his statement, said that the decision to ban Trump from the social network was the right decision, but one that sets a dangerous precedent.

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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

READ: Covid-19: FG directs universities to suspend academic activities till further notice

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

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The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

READ: Toyota suspends operations in China over Coronavirus outbreak 

What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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