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Banking

How to identify fake new naira notes

The Central Bank of Nigeria CBN recently announced the roll out of new banknotes which it said will replace the country’s larger denomination notes.

However, Nigerians are beginning to ask if the new banknotes have already been counterfeited. This is coming after a viral social media post purports to show what was allegedly fake 1,000 naira notes of the recently released bank notes received by a Point of Sale (PoS) operator.

The post showed the alleged fake notes alongside original notes for people to tell the difference.

All these is happening barely four days after the Central Bank of Nigeria, (CBN) began roll out the newly redesign naira notes on 15 December, 2022.

How to know the difference between original and fake naira notes

The new Naira banknotes are protected by a number of security features to make it easier to spot fake from the original note.

Central Bank of Nigeria explained on their website that people can tell the original naira notes when they touch and see it through the raised print, security thread and watermark.

CBN said the raised prints provide tactility, (that means the ability to feel it embossed when touched).

new 1000 naira security features

There is also a windowed metallic thread that reads “CBN” when placed in front of light.

The CBN said other features to identify the original notes include the portrait, lettering and the denominational numerals (that is the naira value) at the front and back of the money are printed boldly and embossed from the surface.

New 500 naira security features.

The Central bank of Nigeria also say the new Naira notes are protected against photocopying.

The original naira has features that are visible under ultraviolet light; for example, the serial number on each banknote is black, but would turn green under ultraviolet light.

These features highlighted by the CBN is not in the fake or counterfeit naira notes.

According to the Central Bank of Nigeria it is unlikely for fraudsters that counterfeit money to get full knowledge of all security features.

This is as the CBN is constantly upgrading the banknotes with state of the art security features to stay ahead of counterfeiters.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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