How To Spot Fake N1,000 Notes As Counterfeit Floods Markets, Traders Share Experience

The National Orientation Agency (NOA) in Ilorin has warned residents to be vigilant as counterfeit N1,000 notes flood the market. Traders have shared their experiences with fake notes that closely mimic the old redesigned bill.

The NOA state director, Abdulganiyu Olurotimi Dare, cautioned that criminal syndicates are targeting unsuspecting merchants during peak market hours. Point of Sale (POS) operators have also reported encountering counterfeit bills with batch numbers like 364232 and 898248, featuring blurred portraits and irregular security features.

The genuine redesigned notes have several distinguishing features, although the design may vary slightly. The Central Bank of Nigeria (CBN) has reportedly spent billions combating counterfeiting, with an increase of 306% compared to 2023.

The Security Printing and Minting (NSPM) Plc, along with overseas companies, are responsible for issuing currency on behalf of the CBN.