CBN Moves Against Peddlers of Fake Redesigned Naira Notes, Releases Security Features

The Central Bank of Nigeria (CBN) yesterday moved against those behind the circulation of fake redesigned Naira notes in other to reaffirm the safety of the legal tender.

The apex bank in a display, marked out security features and peculiarities that distinctively differentiate the new naira notes and make them inviolable to counterfeiting.

The security features included, at least, 23 features on the N1,000 note, 15 features on the N500 note and 10 features on the N200 note.

The release of the demonstrative naira notes with marked security features followed reports that counterfeits of the new naira notes were already in circulation, few days after the official rollout.

However, at plenary on Tuesday, Speaker of the House, Rep. Femi Gbajabiamila announced that the CBN had written to inform the House of the inability of Emiefele to honour the invitation because of his engagement outside the country.

“At present, households and firms already face elevated financial pressures from prolonged, high inflation, recently compounded by external food and fuel price shocks, and the severe floods, and phasing out existing naira notes over a short time period may add to their challenges,”.

According to the CBN, the naira banknotes are protected by a number of security features to enable the easy recognition of genuine notes. The distinguishing features which can be recognized by touch and visibility are the raised print, the security thread and the watermark. 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.