Traders in parts of Borno State have raised the alarm over an increasing circulation of counterfeit ₦1,000 notes, saying the development is causing financial losses and undermining confidence in cash transactions.
The alarm was raised by traders at markets in Kwaya Kusar, Biu and Bayo Local Government Areas.
Some traders told the News Agency of Nigeria that they had unknowingly accepted fake notes from customers before discovering the problem later.
One trader, Ibrahim Yusuf, said he received four counterfeit ₦1,000 notes after purchasing bags of maize at Biu market.
He said he only noticed that the notes were suspicious when he was about to use one of them to pay for transportation.
Another trader, Hassan Mai-Dawa, said he discovered that some ₦1,000 notes he had received through a Point-of-Sale operator were fake when he attempted to deposit the money in a bank.
The development is particularly concerning for traders who rely heavily on cash transactions, with some saying they do not ordinarily accept transfers.
Another trader, Hauwa Aminu, said she had repeatedly noticed unusually new ₦1,000 notes among the cash received in her business.
Beyond the financial losses, traders said the circulation of counterfeit currency was beginning to create suspicion between buyers and sellers.
They appealed to the relevant authorities to investigate the source of the notes, increase monitoring of rural markets and take steps to remove counterfeit currency from circulation.
The reports were based on accounts from traders; an official assessment of the scale and source of the counterfeit notes was not immediately available.
Copyright © EaglesWatchOnline 2023 All rights reserved.
This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without written permission from EaglesWatchOnline.
