The Federal Government of Nigeria rolled out the old naira notes by introducing the new ones. With this new development, a lot of fraudsters are taking advantage to introduce fake naira notes into the country.
The circulation of fake currency notes has become a common practice among fraudsters and money launderers who seek to exploit unsuspecting individuals and businesses. Hence, it is crucial to know how to identify fake Nigerian currency notes to protect oneself from financial losses and legal consequences.
This article aims to provide readers with the necessary information on how to identify fake naira notes in Nigeria.
Steps on How to Identify Fake New Naira Notes in Nigeria
As a resident in Nigeria or an international traveler, it is very important to be aware of the fake Naira notes circulating in the Nigerian financial system. Counterfeit money has become a significant problem in Nigeria, with many people unknowingly accepting fake Naira notes for transactions.
This paragraph will cover and explain some of the essential features found on the new Naira notes introduced in 2022 to help you identify and avoid fake notes.
Physical Compare With an Original Note
The first step to check the authenticity of a new Naira note is to physically compare it with an old or original note. When comparing two currency notes to identify a counterfeit one, it’s important to pay attention to the details. Start by examining the paper quality of each note, as counterfeit bills are often printed on lower-quality paper. Next, check the watermark by holding the notes up to the light. Genuine notes will have a distinct watermark, while counterfeit notes may not have one at all or may have a blurry or indistinct image. Look for any differences in the printing quality, such as blurred or smudged text or uneven lines. By comparing these key features, you can quickly and easily identify a counterfeit currency note.
Check the Paper Quality
One of the most reliable ways to identify counterfeit Naira notes is through a physical examination of the paper quality. Real Naira notes are printed on high-quality paper, making it thick and durable. The new Naira notes have a unique feel, making it easy to identify if you have ever felt a real Naira note. Fake Naira notes usually feel much lighter, thinner, and lack the roughness found on authentic Naira notes.
Look for the Watermark
The watermark is another significant feature to observe when checking for fake Nigerian notes. Place the Naira note against a bright light source or hold it up to the light, and the watermark should become visible. The watermark on the new Naira notes should reflect the portrait of Tafawa Balewa or Ahmadu Bello and the corresponding value of the note.
Observe the Feel of the Note
Nigerian notes have a unique texture that makes it easy to differentiate them from counterfeit notes. The new notes have a distinct feel and texture that cannot easily be replicated by fake notes, which are usually smooth without any texture.
Intaglio Printing
The new Naira notes feature raised printing that is noticeable to the touch. Authenticity can be confirmed by feeling the raised printing around the portrait of various personalities like the late Alhaji Aliyu Mai Bornu and late Dr. Clement Isong, respectively. The note’s value and the Central Bank of Nigeria (CBN)’s Governor signature is also raised.
Look Closely at the Serial number
The serial numbers printed on the new Naira notes have a unique look and design that is uniform across all denominations. Fake notes will mostly have a different font, size, and nonuniform print quality. The combination of letters and numbers should be well-aligned, complete, and without any discrepancies, errors, or irregularities.
The Registration Device
The lines on the notes’ printed paper should be sharp, clear, and unbroken, created through a technique called a “guilloche.” On the new Naira notes, the silver linings are sharp, and each line of the guilloche band is sharp and unbroken, making it difficult to photocopy or scan.
Security Threat
The security threats on the new Naira notes, which are in the form of a broken Niger coat of arms, should be clearly visible, complete, and free of smudges, blurs, or discrepancies. Attempted photocopying of the notes will result in the appearance of “SPECIMEN” in bold red letters.
Holocephalic Display
One of the most noticeable and visible features of the new Naira notes, such as the ₦1000 note, is the emblem of the Nigerian Coat of Arms, which glows brightly and changes colors when you tilt the note. This feature is due to the holographic stripe used on the notes’ reverse side, which cannot be replicated on fake notes.
Security Features of the New Naira Notes
Here are some common security features that can be incorporated into the new Naira notes to prevent counterfeiting:
1. Watermark: A hidden image that can only be seen when the note is held up to the light.
2. Security Thread: A metallic thread that runs through the note, visible when the note is held up to the light.
3. Microprint: Very small text printed on the note that is difficult to reproduce.
4. Intaglio Printing: Raised print that can be felt by touch.
5. Hologram: A 3D image that changes when the note is tilted.
6. Color shifting ink: Ink that shifts color when the note is tilted.
7. UV fluorescent ink: Ink that glows under ultraviolet light.
8. See-through register: A design that appears as one image when held up to the light.
9. Serial numbers: Unique numbers assigned to each note to help identify counterfeit notes.
10. Raised Printing: Ink that is raised to touch, which makes it more difficult to mimic through printing.
These security features are incorporated into modern-day currency notes to prevent counterfeiting and ensure the safety and security of the monetary system.
Final Thoughts
There are many reasons why you should learn how to spot a fake naira note. One of the most important things to keep in mind is that counterfeiters will go to great lengths to make fake notes look as real as possible.
Therefore, it is critical to be vigilant and check the currency notes you receive in transactions to ensure you are not given fake notes. By following the steps and features listed above, you can protect yourself and your business from fraudsters attempting to pass off counterfeit Naira notes.
Remember, if you are unsure if a note is genuine, ask the person that gave it to you for a better note or take it to a bank to verify its authenticity.