Market News
Traders count losses as fake N1,000 notes flood Ilorin markets - DAILY TRUST
By Mumini Abdulkareem, Ilorin
Traders in Ilorin, the Kwara State capital, are lamenting financial losses following the circulation of counterfeit N1,000 notes in major markets across the city.
The development, which has affected several businesses, has prompted a warning from the National Orientation Agency (NOA), cautioning residents about the activities of criminal syndicates involved in producing and distributing the fake currency.
When Daily Trust visited Mandate Market in Ilorin on Thursday, traders narrated their ordeals, calling for urgent intervention from authorities.
Olarewaju Kunle, a Point of Sale (POS) operator, said he discovered the fake notes while reconciling his sales at the end of the day.
“I discovered the fake notes in the evening while balancing the accounts. I felt sad because it turned out to be a loss for me,” he said.
Similarly, a pepper seller, Mallam Nasiru Salisu, recounted how he unknowingly received a counterfeit note from a customer. He said the deception was only discovered when he attempted a transaction with a POS operator.
“A female customer who bought about N9,000 worth of pepper included the counterfeit in the money. It was a POS guy I gave the money to that detected it and returned it. I had to destroy it afterwards,” he said.
Another trader, Alhaji Rasheedat, who sells meat in the same market, said she noticed suspicious features on a note received from a customer after making a sale.
“I had my first encounter with the note when a customer who bought meat of N1,500 added it to the money she gave me. Before 30 minutes, some ink on the money started peeling,” she explained.
To avoid further losses, some traders have begun taking personal precautions.
Funke Lawal, a trader, said she recently started using a counterfeit detector pen to check every note she receives.
Daily Trust reports that officials of NOA had warned residents about the circulation of the fake N1000 notes within the Ilorin metropolis.
The agency said the warning was necessary following confirmed intelligence reports of syndicates flooding the area with counterfeit currency.
The State Director of NOA, Alhaji Abdulganiyu Olurotimi Dare, subsequently emphasized the need for vigilance among residents and business owners in the state.
According to Alhaji Dare, “the fake notes have batch numbers 364232 and 898248 and can be identified by their blurred portraits, watermarks, and irregular security features”, warning residents to be cautious when handling large sums of money.
“The syndicates behind this crime exploit peak commercial hours in major local markets to carry out transactions with counterfeit notes. They target unsuspecting POS operators and merchants, defrauding them of their hard-earned money”, he said.
