Majority of Fake Naira Notes Found in Markets - NOIPoll

29 March, 2017

Recent study by NOIPOlls has revealed that Fake Naira notes are mostly used in markets.

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

Experts say this is because most counterfeiters consider the market place most convenient to spread fake notes due to the wide range of small businesses who may not notice them during transactions.

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 (5 per cent) and ATMs (3 per cent), were also mentioned as areas were fake Naira notes were regularly encountered. 

More findings from the poll revealed that there is some level of awareness of the circulation of counterfeit naira notes in the country as 41 percent admitted that they have been privy to such information, mainly through word of mouth and traditional media amongst others. 

However, the majority showed no awareness of fake currency notes, according to the report.

The Naira notes are protected by a number of security features to enable the recognition of genuine notes.

The distinguishing features can immediately be recognized by touch and visibility such as the raised print, the security thread and the watermark.

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