Police may have discovered an alternative Central Bank in Osun state with the uncovering of a fake currency production syndicate in the state.

Osun State Commissioner of Police, Mr. Adeoye Fimihan confirmed the arrest of five suspected culprits for printing fake currency and duping unsuspecting members of the public.

The fake currency suspects who deal in printing different currencies in various denominations running into several millions of naira were said to be virtually running an alternative Central Bank of their own.

The Osun police boss said some of the suspects were nabbed by the police on patrol somewhere in Ile Ife while investigation also led to further arrest in Lagos.

The five suspects paraded have made confessional statements to the police claiming that the arrowhead is now at large.

A 52-year-old man, Saheed Alabi, who owns the printing press in Lagos said he was engaged for the printing of fake currency by one Femi who is now at large.

"Since the past three years, we have produced millions of fake currencies. I don't know how the money is distributed but anytime I cut the monies for them, they give me five thousand naira."

Members of the syndicate with its network around the country were arrested in Osun, Kogi and Lagos.

The Commissioner of Police said that the Police is collaborating with the Central Bank of Nigeria (CBN) to move the machine used by the syndicate.

Fimihan disclosed that investigation is still ongoing and the command was trying to find out if there were others still engaging in the illegality.

“This (printing fake currency) is a criminal act and constitutes serious threat to Nigeria economy,” Fimihan said.

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