20% of fake currencies circulate in banks – Report

About 20 per cent of fake naira notes are circulated by commercial banks, 5 per cent by public transport and 3 per cent by Automated Teller Machines (ATMs), according to a report by the NOIPolls.

The report released yesterday revealed that banks, ATMs and markets are among porous places for circulation of the fake naira notes.

“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 be noticed during transactions,” the report stated.

The report revealed that Nigerians were aware of the circulation of counterfeit currencies, also known as fake naira notes, across the country.

It disclosed that 41 percent of Nigerians are aware of the recent circulation of the fake naira notes, and 19 percent of them disclosed that they had personally come in contact with counterfeit currencies within the last three months.

“When a currency is forged and produced illegally other than by the recognized authority, and is used or is intended to be used as a legal tender in the country, it is referred to as a counterfeit or fake currency,” the report stated.

The report stated that some businesses suffer losses due to their inability to recoup their money as banks confiscate fake notes at sight.

The report said 56 percent of the respondents are of the opinion that the Central Bank of Nigeria (CBN) is not doing enough to create awareness about the circulation of these counterfeit currencies, neither are they giving citizens adequate tips on how to detect them.

However, the CBN recently said the amount of fake currency in circulation in the country is not less than 1 percent.