Nasarawa Cattle Market Arrest Highlights Counterfeit Naira Threat

Police in Nasarawa detained 62‑year‑old Mamuda Hassan after he tried to pass counterfeit ₦1,000 notes at the Lafia cattle market. The arrest followed a tip‑off to the State Criminal Investigation Department, which acted on credible intelligence. Officers found the suspect actively trading the bogus currency among livestock sellers.

During interrogation, Hassan said the fake notes were supplied by an accomplice living in Mararaba Akunza, Lafia. He confessed that he received the notes in bundles and attempted to use them for purchases at the market. Police say the accomplice remains at large and investigations continue.

Counterfeit detection relies on visible security features such as watermarks, security threads, and color‑shifting ink. Poor print quality, mismatched serial numbers, and missing elements are common tell‑tale signs. The Central Bank of Nigeria reported that counterfeit notes worth ₦2.1 billion were seized in 2023, representing less than 0.02% of total currency in circulation but still eroding trust among traders.

Market data shows the Nigerian naira trading at ₦462 per US dollar, down 0.4% today, while the NGX All‑Share Index rose 0.6% to 53,120 points. Guaranty Trust Bank (GTCO.NG) holds a market cap of ₦1.8 trillion, and Dangote Cement (DANGCEM.NG) is valued at ₦12.3 trillion. These figures illustrate the scale of the formal economy that counterfeit activity seeks to undermine.

The incident reinforces the need for vigilance among traders, fuel station attendants, and POS operators. Authorities urge the public to check notes for raised print, security threads, and clear serial numbers before accepting them.

Watch for the Central Bank’s quarterly counterfeit report due next month, which may reveal trends in fake note circulation and any adjustments to public awareness campaigns.