Fake Naira notes are mostly used in markets, a new study by NOIPOlls, has revealed.
Report of the survey released, yesterday, indicated that 65 per cent of the counterfeit currency notes was circulated in markets.
It said: “The market with 67 percent, proved to be the most common place where these currencies are circulated. This comes as no surprise as some counterfeiters may see the market place as the most porous place to spread fake notes due to the wide range of small business establishments who may not notice during transactions.
“Hence, some businesses suffer losses due to their inability to recoup their money as banks confiscate fake notes at sight.”
According to the study which involved 1, 000 respondents across the country, Deposit Money Banks came second with 20 per cent as avenues for the circulation of fake notes.
Public transport (5 per cent) and ATMs (3 per cent), were also mentioned as areas were fake Naira notes were regularly encountered.
Further probing, according to the report, indicated that only five percent of the respondents admitted to spending the fake Naira notes that came into their possession.
More findings from the poll revealed that there is some level of awareness of the circulation of counterfeit naira notes in the country as 41 percent admitted that they have been privy to such information, mainly through word of mouth (53 percent) and traditional media (25 percent) amongst others.
However, the majority (59 percent) showed no awareness of fake currency notes, according to the report..
The Naira notes are protected by a number of security features to enable the recognition of genuine notes, the distinguishing features can immediately be recognized by touch and visibility such as the raised print, the security thread and the watermark, to mention a few. In line with this, some respondents said they were knowledgeable of these features, citing texture (42 percent) and the absence of the distorted hologram (25 percent) as ways of distinguishing between genuine and fake notes.