They were arrested over their alleged involvement in the circulation of counterfeit foreign currencies, including United States dollars and pounds sterling. “During the operation, Nura was found in possession of 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes. Nigeria’s legal framework provides stringent penalties for individuals involved in producing, possessing, or distributing counterfeit currency. The Counterfeit Currency (Special Provisions) Act prescribes severe punishment, including life imprisonment, for anyone found guilty of counterfeiting or dealing in fake banknotes or coins, whether Nigerian or foreign currency. Nigeria has recorded several prosecutions involving the possession of counterfeit foreign currency, including cases where suspects were charged under Section 5 of the Counterfeit Currency Act for knowingly possessing fake banknotes.

Source: Punch April 03, 2026 05:22 UTC