Against the backdrop of massive complaints and near-rejection of the new redesigned naira notes by Nigerians, the Central Bank of Nigeria (CBN) has pleaded with citizens to accept and use the redesigned naira notes with utmost good faith and respect as the country’s legal tender of repute.
Calling on Nigerians to see the redesigned notes which were unveiled in November last year by President Muhammadu Buhari and pumped into circulation on December 15, as a national symbol of the country, the CBN reminded Nigerians that they do not have alternative legal tender yet.
The Branch Controller, CBN Abuja, Mr. Michael Ogbu, who made the call on Thursday, during a sensitisation visit to Wuse market traders, Abuja, on the new naira notes, said: “We advise members of the public to ensure that they deposit cash holdings in these denominations at their commercial banks.
“There is no limit to how much a customer can deposit between now and January 31, 2023, as the CBN has suspended bank charges.
“Accept it, use and respect it as our national symbol. We equally encourage the general public to explore other payment channels, such as eNaira, POS, electronic transfer, USSD, internet banking, and mobile money operators and agents, for their economic activities.”
Hobnob News reports that late last year, the Central Bank of Nigeria (CBN) had highlighted security features in the new redesigned naira notes 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 N1000 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.
Hobnob News had further reported that there were confusion and palpable fears over the possible faking of the new naira notes, even as most Nigerians have not been able to touch the scarcely available new notes.
Many respondents who had spoken to press said they were afraid of being victims of counterfeits as a viral video raised the alarm over the presence of a counterfeited N1000 new naira note.
Respondents had said they had seen something similar to the N1000 note claimed to be counterfeit in the viral video, saying the absence of the new notes had made it difficult for people to clearly identify the new notes.
But allaying their fears, the apex bank said, to recognise the N1000 notes, users should look out for intaglio raised print, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, kinegram with the image of N1000 and Coat of Arms, iridescent band, windowed metallic security thread and see through printing in register.
The security features on N500 notes included hand-engraved portrait, windowed metallic security thread with CBN inscription, CBN 500 watermark, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, silver patch with embossed Coat of Arms, see through printing in register and raised intaglio print.
The security features included, at least, 23 features on the N1000 note, 15 features on the N500 note and 10 features on the N200 note.
Also, the N200 has several security features, including hand-engraved portrait, windowed metallic security thread with CBN inscription, CBN 200 watermark, portrait watermark, officially variable ink that changes from blue to green with change in angle of view, gold patch with embossed Coat of Arms, see through printing in register and raised intaglio print.
Aside these criteria, there are also other five simple guidelines on a naira note that will help holders of the currency to differentiate a counterfeit naira from a genuine one.
The first step to identifying a genuine banknote from the counterfeit is to check the texture. Findings showed that a soft texture and dull image are indicators of a fake naira. That means one should be sensitive to the touch of the banknote when carrying out a transaction.
There is also need to observe the gold foil on the right side, close to the CBN governor’s signature. One can also differentiate the genuine naira note from counterfeit by applying liquid to the note, and a fake currency can easily change colour.
Also, the ribbon-like thread on all naira notes can also be observed and touched to confirm if the note is genuine or otherwise.
One can also raise naira notes on a mercury bulb. This exercise enables one to see many features of the local currency, not visible to the naked eyes, among others, the CBN explained
