Fraudsters have recently begun to create and use fake currencies to make deposits and payments. This new trend of using counterfeit Naira notes has resulted in significant losses for some POS business owners.
The production of counterfeit notes by fraudsters is a serious issue; thus it is advisable POS business owners or banking agents be on the lookout for this new illegal behaviour. Fake notes can be printed in smaller denominations, such as N50, N100, and N200, as well as big denominations such as N500, N1000. Despite the fact that this illegal skill appears to be improving with each passing day, there is no need to be worried as these notes can still be detected with ease.
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| Naira Notes |
Here's a quick reference guide to identifying genuine Nigerian naira notes:
1. Check the Quality and Texture
Genuine naira notes are created from a particular sort of paper whilst fake naira notes are usually created from ordinary paper. Before accepting Naira notes as payment for a service, it is critical to inspect their quality and texture.
2. Soak in Water and Other Liquid
If you have any doubts about a note you've received, soak it in water or fuel and gently brush it with your thumb. If the money is counterfeit, the colour will fade quickly. The colour of a genuine Naira note will not wash off because the note is water-resistant.
3. Check the Ribbon or Silver Thread
A silver ribbon runs from the top to the bottom of every genuine naira note. The silver thread may be felt on actual notes, and it can even be seen on old naira notes. In fake notes, however, something that appears to be a thread is actually only paint. Scratching that ribbon will easily remove it.
4. Check the Gold Foil
On the right side of the N1000 note, just beside the CBN governor's signature, there is a gold foil. The gold foil on a fake note peels off when scratched whereas the gold foil on a genuine note does not peel.
5. Use Mercury Bulbs
Other aspects of the Naira note are not visible with the naked eye. These features can only be seen on real naira notes and with certain pieces of equipment. You can tell the difference between fake and authentic notes by using mercury lights.
If a genuine N1000 note is exposed to the rays of a mercury bulb, it will glow with a glowing 1000 (in numerals) printed across it. Smaller denominations are treated the same way.
It's also worth noting that the use of counterfeit notes is illegal in Nigeria, according to the country's constitution. It makes no difference whether you are aware or not because ignorance is not an excuse.
Be vigilant; don't be a prey in the hands of these hungry fraudsters!
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Banking
