As the Central Bank of Nigeria (CBN) begins circulation of the redesigned naira notes, some unscrupulous people have also perfected the idea of counterfeiting the new notes to unsuspecting Nigerians.
Recently, in a video which has now gone viral, a man was heard saying his wife, who operates a Point of Sale (PoS) machine was given a counterfeited N1,000 new naira note.
He displayed the genuine and counterfeited new naira notes for viewers to spot the difference.
He said: “Ladies and gentlemen. Fake money is in town now. People should be very careful. This is the original one, while this is the fake one.
“My wife is doing a PoS business, someone gave her this money, but we do not know who it was. We later discovered that the money was fake.”
The CBN said the Naira banknotes are protected by a number of security features to enable the easy recognition of genuine notes.
The distinguishing features which can be recognized by touch and visibility are the raised print, the security thread and the watermark.
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Other areas such as the portrait, lettering and the denominational numerals on the obverse and reverse of the notes are embossed.
“The raised prints provide tactility, while the security thread, which ordinarily looks broken but is not when held up against light, has “CBN” in small lettering printed on both sides of the notes.
“The Naira notes are also protected against photocopying. There are also features, which are visible under ultraviolet light; for example, the serial number on each banknote is black, but turns green under ultraviolet light,” the apex bank said in a note on its website.
The CBN’s Banknote Fitness Standards also provides the general public with clear, acceptable criteria for determining the quality of banknotes in circulation.
It shows the stages of degradation by soiling, limpness and thus defines the acceptable threshold for fit notes in circulation.
The fitness criteria include the durability and functionality of security features on the notes, banknotes structure and durability, and banknote quality i.e. print and appearance of notes.
“The document displays features on the obverse and reverse of the banknotes. It also states the responsibilities for issuance, recirculation and processing, counterfeits and mutilated notes management as well as standards for banknotes processing machines.
“The public awareness campaign on Naira abuse and handling are also highlighted to aid the longevity of the banknotes and reduce the huge cost of processing and banknote replacement,” the CBN said.