Authorities in Akwa Ibom State have raised alarm over a surge in counterfeit N1,000 notes being used to defraud residents, particularly Point of Sale (POS) operators and local traders in the state’s coastal regions.
The National Orientation Agency (NOA), Akwa Ibom Directorate, issued a warning on Friday following growing concerns about an organized scam ring flooding markets with fake currency.
According to the State Director of the NOA, Mr. Mkpoutom Mkpoutom, the syndicate has been actively distributing counterfeit notes—specifically with batch numbers 364232 and 898248. These fake bills reportedly feature blurred portraits, distorted watermarks, and irregular security features.
“There are credible intelligence reports indicating that criminal groups are moving counterfeit N1,000 notes into coastal communities including Udung Uko, Mbo, Oron, Okobo, and Ibeno,” Mkpoutom stated.
He explained that the fraudsters take advantage of the rush during peak trading hours in major local markets, allowing them to discreetly pass off the fake notes during transactions.
“These syndicates are targeting busy commercial zones where traders and POS operators may not have the time or tools to verify the authenticity of the notes,” he said.
Mkpoutom urged the public—especially business owners and market traders—to exercise extra caution when handling cash, and to carefully inspect high-denomination notes for signs of forgery.
He also called on residents to promptly report any suspicious financial activity or suspected fake currency to security agencies, assuring that efforts are underway to apprehend those responsible for the scheme.
The NOA’s warning comes amid rising concerns over the economic impacts of financial fraud in local communities already battling inflation and limited access to banking services.
