Counterfeit N1,000 notes hit Borno markets, traders lament losses

Traders at the Kwaya Kusar Grains Market, Kwaya Kusar Local Government Area of Borno State have raised the alarm over the circulation of counterfeit N1,000 notes, saying the development is affecting their businesses and causing them losses.

A cross-section of the traders raised their concerns in separate interviews with the News Agency of Nigeria in Kwaya Kusar community on Saturday.

According to them, the issue is not limited to Kwaya Kusar market but cuts across other markets in Biu and Bayo LGAs, where they normally buy their commodities depending on their market days.

They said the development was sabotaging economic activities at the markets while eroding trust between traders and their customers.

One of the traders, Ibrahim Yusuf, a grain dealer from Gombe main market who came to Kwaya Kusar market to buy maize, said he had been a victim of fake currency notes twice.

“About three weeks ago, I went to Biu grain market to buy some bags of maize, and I was given four pieces of fake N1,000 notes, and I didn’t realise until I was in transit.

“It was when I was about to pay the driver that I saw one new N1,000 note that was very light and felt unusual in my hand, and I suspected it was fake.”

He said he immediately called the person who gave him the currency to complain after discovering three other pieces of such notes in the cash he withdrew.

“My profit is not much, as I make between N3,000 and N4,000 per bag after taking out transportation cost.

“Now I bought three bags, meaning I am expecting roughly N12,000 but now I have N4,000 counterfeit notes, which means my profit margin has been reduced,” he said.

He said government and relevant authorities should visit the various markets in Biu, Kwaya Kusar and even Shani rural markets to mop up the counterfeit notes and find the source.

“This is highly imperative, especially now that farmers have started harvesting their produce, which will surely increase the volume of trade in the markets.

“Urgent action from relevant agencies is necessary to protect traders from making huge losses,” Yusuf said.

Also speaking, another trader, Alhaji Hassan Mai-Dawa, said he was once a victim of the fake N1,000 notes, which he collected from one of the Point of Sales operators in Kwaya Kusar.

He said it was when he went to deposit the money in the bank that the notes were discovered to be fake.

Mai-Dawa said many of the traders did not collect transfers, so he had to withdraw from POS to be able to buy his goods.

“I think this is something the government should come in because I also faced similar issues in Biu market.

“Many traders do not know the difference; so, we use the fake note alongside the original ones,” he said.

A rice trader, Mrs Hauwa Aminu, said she often noticed some unusual new N1,000 notes inside her cash, but she never really bothered because people collected them from her.

Aminu recounted an incident where she almost fought with a buyer who needed a refund after depositing cash the previous day.

“I gave him the cash I had, and he rejected some of the notes, but I insisted that I am not the one printing them. It was an intense argument, and since then, that buyer never came back to my shop to buy from me,” she said.

Aminu, however, appealed to the government to send its officials to some of the rural markets to monitor and make necessary arrests to protect traders.(Punch)