Counterfeits of the newly redesigned naira notes have begun circulating in the Nigerian economy.
This is coming just a few days after the Central Bank of Nigeria (CBN) made the notes available on December 15th, 2022.
Recall that the apex bank had said the newly redesigned notes would help to address hoarding, reign in inflation and most importantly, checkmate counterfeiting. It’s interesting to see that the last objective is already proving difficult.
The counterfeit notes: On Twitter, a user shared his experience with a counterfeit N1,000 note, which looks almost alike the original. In the viral video seen by Nairametrics, the Twitter user identified as Oga Nepa can be heard explaining how his wife, who operates a POS stand, unknowingly received the counterfeit money from one depositor. He said:
- “Fake money is in town now, people should be very careful.” Comparing the new N1,000 note with the counterfeit, he added “this is the original and this is the fake. My wife is into POS and somebody gave her this money (counterfeit) we don’t know who gave it to her but we later discovered that it is fake money.”
He added that the original has the golden print on the N1,000 note while the fake does not.
Alert: Counterfeit new naira notes already in circulation – Educate Yourself to Spot the Fake Ones.
Can u Spot the Fake one here? #StaySafe #StayWoke pic.twitter.com/qFrltEhbMc— Oga Nepa (@Oga_Nepa_) December 19, 2022
Reluctant reception: In the meantime, there are indications that Nigerians have been reluctant in their acceptance of the newly redesigned naira motes. According to people’s reactions on Twitter, uneducated Nigerians have particularly been unreceptive of the new banknotes. They believed that it will take a while for a lot of the market women to get accustomed to the new banknotes.
Counterfeit worries: A Twitter user identified as Shenkes Baba explained that the reluctance could be fueled by concerns that the new banknotes look like counterfeits of the old naira notes. He shared his experience of how a fried yam seller refused to collect the new N500.
Another user, Mehree, had a similar experience. She said she had taken the new notes to the market and the market women insulted her for giving them counterfeit.
My friend said she took the new naira notes to the market and the market women insulted her for giving them counterfeit notes lmao
— mehreee (@mehreeee) December 15, 2022
Tam Yelemi decried what he opined was an unprofessional redesign of the naira, implying that the redesign is fueling the counterfeiting.
The notes never circulate finish e don get counterfeit.
We told @cenbank and @GodwinIEmefiele that the changing of colour won't work. We expected a redesign, the inepts went to bleach the Naira note.— Tam Yelemi (@Tam_Yelemi) December 20, 2022
How to identify counterfeit: According to the CBN, 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. The apex bank said:
- “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 the light, has CBN in small lettering printed on both sides of the notes.”