JUST IN: Fake New Naira Notes Now In Circulation (HOW TO DETECT FAKE NOTES)

JUST IN: Fake New Naira Notes Now In Circulation (HOW TO DETECT FAKE NOTES)

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The new naira notes are already being counterfeited, four days after they were rolled out to the public by the Central Bank of Nigeria (CBN) through commercial banks.

In a now-viral video, a man is heard saying that his wife, who works at 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 PoS business, someone gave her this money, but we do not know who it was. We later discovered that the money is fake.”

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The CBN is mandated by law to issue the Naira and kobo (Sections 17, 18, and 19 of the CBN Act).

It is also illegal for any individual or establishment outside of the CBN to print money or possess counterfeit notes.

“If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20),” the CBN said in a circular on its website.

The CBN said the Naira banknotes are protected by a number of security features to enable the easy recognition of genuine notes.

The raised print, security thread, and watermark are distinguishing features that can be recognized by touch and visibility.

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 the 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.

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