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BREAKING: Fake new naira notes circulating in Nigeria after four days flow.

Four days after being made available to the general public by the Central Bank of Nigeria (CBN) through commercial banks, the new naira notes are already the target of counterfeiting.

A man was heard saying in a video that has since gone viral that his wife, who runs a Point of Sale (PoS) machine, was given a fake N1,000 new naira note.

He made the genuine and fake new naira notes visible to the audience so they could tell the difference.

He stated, ” Greetings, gentlemen. Presently, fake money is prevalent. People must exercise extreme caution. This is the fake, while the original is here.

“Someone gave my wife this money to do PoS business, but we do not know who it was. The counterfeit currency was later discovered by us.

President Muhammadu Buhari had last month revealed the new notes of the three most noteworthy sections of the Nigerian cash: N1, N200, and N500.

The unveiling took place shortly before the start of the meeting of the Federal Executive Council in the Council Chambers of the Presidential Villa in Abuja.

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Godwin Emefiele, governor of the Central Bank, stated that the introduction of the new notes was the government’s deliberate effort to prevent counterfeiting and corruption.

According to Sections 17, 18, and 19 of the CBN Act, the issuance of the Naira and kobo is the responsibility of the CBN.

It is also against the law for anyone or any business outside of the CBN to print money or have counterfeit notes in their possession.

According to a circular that can be found on the CBN’s website, “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).”

According to the CBN, the Naira banknotes have a number of security features that make it easy to identify genuine notes.

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

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The portrait, lettering, and denominational numerals on the obverse and reverse of the notes are among the other areas embossed.

“The raised prints give the physicality, while the security string, which usually, looks broken yet isn’t when held facing light, has “CBN” in little lettering imprinted on the two sides of the notes.

The Naira notes are also safe from being copied. Additionally, there are features that can be seen with ultraviolet light; For instance, “the apex bank stated in a note on its website that the serial number on each banknote is black but turns green when exposed to ultraviolet light.”

Additionally, the CBN’s Banknote Fitness Standards provide the general public with acceptable, clear criteria for evaluating the quality of currently in circulation banknotes.

It identifies the acceptable threshold for fit notes that are currently in circulation and depicts the stages of degradation caused by limpness and soiling.

The durability and functionality of the security features on the notes, the structure and durability of the banknotes, and the quality of the notes, such as their print and appearance, are the fitness criteria.

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The CBN implemented the Clean Note Policy with the intention of enhancing the physical appearance and lifespan of banknotes currently in circulation.

The DMBs/CPCs’ production, issuance, and recirculation of new banknotes must adhere to predetermined standards in accordance with the Clean Note Policy concept.

In addition, it aims to guarantee that the quality of the Naira banknotes in circulation must be in good condition for processing and free public acceptance.

The banknotes’ obverse and reverse are depicted in the document. In addition, it specifies the responsibilities for issuance, recirculation, and processing, management of counterfeit and mutilated notes, and standards for machines used to process banknotes.

The CBN stated, “To aid in the longevity of the banknotes and reduce the enormous cost of processing and banknote replacement, the public awareness campaign on Naira abuse and handling is also highlighted.”

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