News

March 29, 2017

Fake Naira mostly used in markets— NOIPolls

Fake Naira mostly used in markets— NOIPolls

By Emma Ujah, Abuja Bureau Chief

ABUJA— Fake Naira notes are mostly used in markets, a new study by NOIPOlls has revealed.

Report of the survey released, yesterday, indicated that 65 per cent of the counterfeit currency notes was circulated in markets.

It said:  “The market, with 67 percent, proved to be the most common place where these currencies are circulated. This comes as no surprise as some counterfeiters may see the market place as the most porous place to spread fake notes due to the wide range of small business establishments who may not notice during transactions.

“Hence, some businesses suffer losses due to their inability to recoup their money as banks confiscate fake notes at sight.”

According to the study which involved 1,000 respondents across the country, Deposit Money Banks came second with 20 per cent as avenues for the circulation of fake notes.

Public transport (five per cent) and Automated Teller Machines, ATMs, (three per cent), were also mentioned as areas were fake Naira notes were regularly encountered.

Further probing, according to the report, indicated that only five percent of the respondents admitted to spending the fake Naira notes that came into their possession.