Concern as fake dollars reach Gulu

Passengers look at the truck that led to the grounding of the ferry at Laropi. Photo Scovin Iceta

What you need to know:

Many traders say they are cheated since they cannot distinguish the notes from genuine ones.

Gulu- Traders in Gulu District have expressed fear of incurring losses during the festive season due to a surge in the circulation of counterfeit currencies in the area.

Speaking to Daily Monitor this week, most traders said because of most people travelling up-country for the festive season, unscrupulous persons are taking advantage of the dash purchases to slot counterfeit notes among the genuine ones and hand them to unsuspecting traders.

The chairperson of Gulu Vendors Association, Mr Geoffrey Obama Opiyo, said many traders cannot differentiate between the genuine cash and counterfeit.

“A lot of cash has been lost and some traders have since left business since they could not afford to make more losses,” Mr Opiyo said.

Ms Stella Akello, one of the vendors at Gulu Main Market, said: “Middle men use this opportunity to cheat local traders since many of us cannot distinguish the fake money from the genuine notes.”

This month, an American, Mr Ryan Gustafson, was charged with five counts of being in possession of forged currency notes, unlawful possession of ammunition, conspiracy to commit an offence and selling articles bearing designs in imitation of currency notes in Wakiso.

Police records indicate that by the time of the arrest, he had printed more than $1b (about Shs2.7 trillion) worth of black dollars and were already in circulation.