Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
Traders in Borno State are counting heavy losses as counterfeit N1,000 notes flood markets in Kwaya Kusar, Biu, and Bayo Local Government Areas, eroding trust between buyers and sellers and threatening the economic activities of the harvest season. A cross-section of traders raised the alarm in separate interviews with the News Agency of Nigeria (NAN) in Kwaya Kusar community on Saturday, September 5, 2026, stating that the fake notes are increasingly finding their way into the hands of traders, particularly as commercial activities rise with the ongoing harvest season.
One of the traders, Ibrahim Yusuf, a grain dealer from Gombe Main Market who came to Kwaya Kusar 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," Yusuf narrated. He said it was when he was about to pay the driver that he noticed one new N1,000 note that was very light and felt unusual in his hand. 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.
Yusuf explained that his profit margin is already thin, as he makes between N3,000 and N4,000 per bag after transportation costs. He bought three bags of maize, expecting a profit of roughly N12,000, but the N4,000 counterfeit notes means his profit margin has been significantly reduced. "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 lamented.
He called on the government and relevant authorities to visit various markets in Biu, Kwaya Kusar, and Shani rural markets to mop up the counterfeit notes and find their 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.
Another trader, Alhaji Hassan Mai-Dawa, said he was once a victim of 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 explained that many traders do not collect transfers, so he had to withdraw from POS operators 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. She appealed to the government to send officials to rural markets to monitor and make necessary arrests to protect traders.
Other traders who spoke to NAN but did not want their names mentioned also lamented their ordeals because they could not identify the counterfeit notes from original ones. They called for massive sensitisation to enable local traders to identify counterfeit notes to protect their businesses. The development is causing financial losses and undermining confidence in cash transactions at a time when farmers are beginning to harvest their produce, which will increase the volume of trade in the markets.
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