· Its effect on Nigeria’s economy and businesses at large
Though counterfeit note has been for a while now, its circulation seem to be very rampant now the economy is dwindling and the yuletide at the corner.
Facts remains that the production and circulation is a criminal offence but those who indulge in it don’t seem to mind about the consequence of the crime.
The rate at which counterfeit notes are been circulated into the economy is very alarming. It’s a crime that is deeply rooted despite government measures to curb it.
The apex bank in Nigeria, which is the Central Bank, is the only bank charged with the responsibility of producing money.
One of the significant roles of the bank is to maintain confidence in the currency and also responsible for providing bank notes that the public can use.
Majority of counterfeit notes are discovered by the banking system when they are separated from genuine notes to avoid recirculation.
The vast majority of counterfeit notes are discovered by the banking system when they are separated from genuine notes to avoid recirculation.
A recent discovery revealed that some Bank ATM machines dispense counterfeit note mixed with original notes.
Mr. Andrew who went to an ATM outlet to withdraw cash, disclosed that 2000 naira out of the 28000 naira he withdrew was counterfeit note.
Large percentage of the market traders have also called out for help on how customers pay them money mixed with counterfeit notes, which they are not aware of initially and how it has affected their business grossly.
It was gathered that large percentage of counterfeit notes are been spent at night and they are majorly produced in higher denominations.
Mrs. Adeyemi, owner of a gift item store disclosed that counterfeit notes tend to be more in circulation especially during the festive seasons. She however crave the indulgence of the State and Federal Government look into the issue of counterfeit note as it ruins businesses.
Further information revealed that there are outlets where counterfeit notes are been sold to interest buyers
