Ondo police uncover suspected fake dollar site after man loses $6,000 in exchange deal

A Nigerian man, Yusuf Nasiru, handed over $6,000, worth roughly N8.6 million, to two men for a dollar-to-naira exchange, only to discover later that the dollar notes returned to him were fake. The Ondo State Police Command has traced one suspect to a hideout in Odigbo Local Government Area, where officers recovered three bags of suspected counterfeit US dollar notes.

The command confirmed the development through its spokesperson, DSP Abayomi Jimoh, in a statement on Tuesday, November 3.

How the deal went wrong

Nasiru told investigators that two men, Peter Desmond and Olami Toro, both said to be residents of Ode-Irele, came to his shop on October 25 and proposed a dollar-to-naira exchange. He handed over $6,000 to them.

The suspects later returned the dollar notes, claiming they could not raise enough naira to complete the deal, and walked away. Nasiru only realised the notes were fake when he examined them more carefully. He reported the matter to the police on October 28.

Police raid and arrest

Operatives from the Okitipupa Divisional Police Headquarters used intelligence and technical tracking to locate one of the suspects. Following a tip-off from community members, officers raided a property at Kiniso Village, via Ajue, in Odigbo Local Government Area on October 29.

One suspect was arrested during the operation. Other occupants of the building reportedly jumped over a perimeter fence and escaped before officers could apprehend them.

A search of the premises turned up three bags containing suspected counterfeit US dollar notes and a small wooden box. All were taken as exhibits. Jimoh said the arrested suspect had provided useful information to assist the ongoing investigation.

The Commissioner of Police in Ondo State, CP Felix Ohagwu, ordered investigators to intensify efforts to identify and apprehend everyone else believed to be connected to the suspected counterfeit currency network.

Police warning and naira market

The command warned residents against engaging in foreign currency transactions with unverified individuals or accepting exchange offers outside recognised and authorised channels. The police also advised members of the public to verify foreign currencies before accepting them and report suspicious activities to the nearest police station.

Separately, the naira weakened against the US dollar at the Nigerian Autonomous Foreign Exchange Market, NAFEM, as the official exchange rate moved to N1,332.09/$1 from N1,331.19/$1 recorded on Friday. Data showed the local currency lost 90 kobo, representing a 0.07% depreciation against the dollar during the trading session. However, the currency strengthened against the euro, appreciating by N1.64 to close at N1,489.15/€1 from N1,490.79/€1 recorded on Friday.

The Ondo case is a reminder for traders and consumers to stick to authorised currency channels, especially as fake dollar notes can turn a simple exchange into a heavy loss.