Abuja 14 Feb (ANA) - About 20% of the Nigerian currency, the naira, in circulation in the West African state is fake, an ex-deputy governor of the central bank, Obadiah Mailafia, has said. Speaking at a budget hearing in the National Assembly yesterday, Obadiah Mailafia called on the authorities to crackdown on fake money to protect the economy:   When fake currencies of that magnitude circulate, original currencies become scarce. Bad money chases away good money." He blamed the economic crisis in Nigeria on a wide range of factors - including the sharp fall in oil prices, dwindling foreign reserves, poor banking practices, regulatory failures and corruption. Nigeria - Africa's biggest economy - slipped into a recession last year for the first time in decades. Mr Mailafia warned the government not to increase interest rates, saying "it would further compound the hardship Nigerians are facing”.(ANA) 

FA/ANA/14 February 2017-----