Nigeria’s financial regulatory agency, the Central Bank of Nigeria, CBN, on Friday alerted Nigerians to the circulation of counterfeit naira notes.
In a statement released on Friday, the apex bank advised Deposit Money Banks, Financial Houses, Bureau de Change, and the public to be vigilant and implement necessary precautions.
According to the CBN regulations, it is an offense punishable by imprisonment for any person to falsify, make, or counterfeit any bank note or coin issued by the apex bank.
It is therefore important for individuals to be able to identify fake Naira notes in order not to lose their hard-earned money.
The Naira notes are protected by various security features to enable the easy recognition of genuine notes from counterfeit ones. There are different ways to identify fake notes.
- Check the texture
The first thing to check is the texture of the Naira note. Genuine Naira notes have sharp and precise printing that can be easily felt by touch. Fake notes often have dull colours and poor printing quality. If the note you are given is flat and dull, it’s probably fake.
- Observe the Serial Number
The black serial number on each note transforms to green under ultraviolet light. That is one of the security features introduced to tackle imitation.
Also, genuine naira notes have unique serial numbers printed in a specific font. The N1000 note has the serial in the back, while the N200 and N500 have it in front.
- Check the gold foil
The N1000 note has a gold foil on the right side, just near the CBN governor’s signature. If you scratch the gold foil of a fake note it will peel off instantly but the gold foil on the original note does not peel. Within the gold foil is Nigeria’s coat of arms and 1000 written underneath it.
The money is fake if you receive a note with no foil or if the foil is easily scratched off.
- Look out for the Ribbon
The new Naira notes feature a security thread that appears broken but becomes a continuous line when viewed against the light. This thread appears on the back of the N1000 note and on the front of the N200 and N500 notes. It also has the ‘CBN’ letters printed on both sides of the notes in small lettering.
In real notes, this thread can be felt with a touch. However, in fake notes, there is something that looks like the thread but it is not, what is there is just a straight-line painting that looks like the thread in the original notes. If you scratch the painting, it will peel off like the solver panel on recharge cards.
- Use mercury bulbs
Some qualities of the paper Naira notes cannot be seen with the naked eye. These features are only in original Naira notes, and one cannot see them except with the help of mercury bulbs.
For instance, if a real N1000 note is placed under the rays from a mercury bulb, it will show a shining 1000 (in numbers) written across the note. The same is applicable to smaller denominations.
- Use water or other liquid
You can differentiate fake currency from the original by using water or other liquid. Scammers release fake money and the colours they use in printing counterfeits are soluble in water and some other liquids.
If you are not certain about the originality of a Naira note, dip it in water or petrol and scrub it gently. The colours will change immediately if it is fake money. The colours of counterfeit money will wash off like an artwork painted with watercolour.
Again, the moment you immerse it in water, the paper becomes messed up. It will get rough and look more like a paper mache. However, the real note will not look like this when immersed in water or any liquid.
These basic features and techniques cam be use to spot a fake Naira notes from the original and save yourself from being swindled by dubious persons.
