Victor Ezeja
Admin
Against the backcloth of the credible alarm raised by the Central Bank of Nigeria (CBN) over the circulation of fake naira notes, particularly the higher denominations in parts of the country, the following are means through which such counterfeit currency notes can be detected.
The distinguishing features of the new notes, which can be recognised by touch and visibility are: the raised print, the security thread, and the watermark. Other areas such as the portrait, lettering and the denominational numerals stamped on the obverse and reverse of the notes.
Join our WhatsApp ChannelWhile the raised prints can be felt or touched, the security thread, which seemingly looks broken but is not when held up against light, has “CBN” in small lettering printed on both sides of the legal tender.
The CBN further said that the naira notes are protected against photocopying as they contain features that are visible under ultraviolet light: for example, the serial number on each note is black but turns green under ultraviolet light.
According to the central bank, “Regardless of how itchy you are to behold the new naira notes, do not forget to scrutinise the new notes properly, especially outside the banks”.
The apex bank’s spokesperson, Mrs. Sidi Ali Hamaka, had in a statement at the weekend, said there is a credible intelligence that fake notes were being spent in food markets and other commercial centres in major cities across the country.
She said unpalatable consequences awaited culprits of currency counterfeiting as they risk up to five years imprisonment when caught.
She said: “For the avoidance of doubt, Section 20(4) of the CBN Act (2007) as amended, states that: ‘It shall be an offence punishable by a term of imprisonment of not less than five years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake naira banknotes, arrest and prosecute counterfeiters. Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the Central Bank of Nigeria or via contactcbn@cbn.gov.ng”.
Hakama added that all Deposit Money Banks (DMBs), financial houses, Bureau de Change and the public are enjoined to be more vigilant and take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” she said.
