The fraudulent, newly designed Naira notes that are currently in circulation have been reported to the Nigeria Security and Civil Defence Corps (NSCDC).

Ahmed Audi, the corps’ commandant-general, expressed concern over the situation and vowed to ensure that those responsible were brought to justice.

Audi added that the corps had detained and confiscated phoney Naira notes worth millions from members of syndicates in several states throughout the nation in less than a month.

The NSCDC Commandant-General who advised Nigerians to deal with banks especially when large sums are involved, added that the fraudsters took advantage of the low circulation of the redesigned Naira notes to massively produce counterfeit notes.

The NSCDC Commandant-General 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 this syndicates will help us fish out more criminals who have decided to take advantage of the economic situation in the country to scam people.”