The National Orientation Agency (NOA), Akwa Ibom State Directorate, has raised the alarm over the widespread circulation of counterfeit N1000 notes in markets across the state. The agency has urged residents, traders, and business owners to exercise caution when handling cash transactions to avoid falling victim to the scam.
According to a statement released on Friday, the NOA, in collaboration with the News Agency of Nigeria (NAN), identified the coastal local government areas of Udung Uko, Mbo, Oron, Okobo, and Ibeno as the worst affected by the influx of fake currency. Reports indicate that unsuspecting traders and consumers in these areas have been duped by the high-quality counterfeit notes, which are difficult to distinguish from genuine ones without close inspection.
The NOA’s State Director, Mr. Etop Ekanem, warned that the circulation of fake notes poses a significant threat to the local economy and could erode public confidence in the naira. “We are appealing to the public to be vigilant and scrutinize N1000 notes carefully before accepting them,” Ekanem said. “These counterfeiters are exploiting the busy market environment to spread fake currency, and we must work together to stop them.”
Ekanem advised traders to check for security features such as the watermark, security thread, and micro-text on the notes, which are often absent or poorly replicated in counterfeits. He also urged residents to report any suspicious transactions to security agencies, including the Nigeria Police Force and the Economic and Financial Crimes Commission (EFCC), for immediate action.
Preliminary investigations suggest that the counterfeit notes may be part of a larger syndicate operation targeting rural and semi-urban markets where awareness of currency security features is low. The NOA has pledged to intensify public enlightenment campaigns in the affected areas, collaborating with local leaders, market unions, and financial institutions to educate residents on identifying fake notes.
The Central Bank of Nigeria (CBN) has yet to issue an official statement on the matter, but sources indicate that the apex bank is working with law enforcement to track the source of the counterfeit currency. Meanwhile, traders in the affected areas have expressed concern over the financial losses incurred, with some calling for increased security presence in markets to deter criminal activities.
The NOA has assured the public that it will continue to monitor the situation and provide updates as efforts to curb the circulation of fake notes intensify. Residents are encouraged to remain vigilant and report any suspicious activities to the nearest authorities.
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