Borno traders report circulation of counterfeit N1,000 notes

Traders in Borno State have raised alarms regarding the circulation of counterfeit N1,000 notes across several markets. The issue has been reported at the Kwaya Kusar Grains Market in the Kwaya Kusar Local Government Area, as well as in markets within the Biu and Bayo Local Government Areas.

Business owners claim the fake currency is undermining economic activity and eroding trust between traders and customers. One grain trader, Ibrahim Yusuf, reported losing significant profit margins after discovering several counterfeit notes during transactions. Traders are calling on the government and relevant authorities to intervene, mop up the fake notes, and identify the source of the counterfeit currency, particularly as the harvest season increases trade volumes.