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The Nigeria Security and Civil Defence Corps (NSCDC) has said that it will continue to arrest and prosecute those involved in the production and circulation of fake redesigned Naira notes.

According to the News Agency of Nigeria (NAN), this was made known by the Commandant-General of the NSCDC, in Abuja on Sunday, saying that the number of cases of circulation of fake Naira notes had become worrisome.

He warned perpetrators to desist, adding that the corps would not relent but continue to arrest and prosecute those involved in economic sabotage of the country.

According to him, the corps had arrested and seized fake Naira notes worth millions of naira from members of syndicates in different states in the country in less than a month.

Fraudsters took advantage of the naira scarcity

Audi said that while interrogating most of the arrested suspects, it was deduced that the alleged fraudsters took advantage of the low circulation of the redesigned Naira notes to produce counterfeit notes massively.

  • He said, “Many innocent Nigerians must have fallen victims to their scheme while they collected bank money transfers and exchange of foreign currencies.
  • “The arrest of these syndicates will help us fish out more criminals who have decided to take advantage of the economic situation in the country to scam people.”

Audi advised citizens to avoid being victims of fraudsters by ensuring they transact with banks, especially when large sums were involved.

The NSCDC boss added that the corps would collaborate with other sister agencies in the fight against the production and circulation of fake Naira notes and other economic sabotage.

For the record

The Central Bank of Nigeria (CBN) had on October 26, 2022, announced its plan to redesign the N200, N500, and N1,000 notes. President Muhammadu Buhari subsequently unveiled the redesigned notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

The CBN had on January 29, 2023, extended its January 31 deadline to February 10, 2023, after bowing to pressure following pleas from Nigerians and stakeholders.

The apex bank had assured that the new notes contained some new security features that would make it difficult for counterfeiters to replicate.

However, the new notes have been very scarce as businesses and Nigerians have complained of the pain and harrowing experience they go through due to the non-availability of the redesigned naira notes.