Economy
How To Identify Fake Naira Notes
Con men cannot produce a real Naira note. That’s a fact. Even if they can, they can’t produce real note without bloating overhead cost. In view of this, there are always obvious differences between a real Naira note and its counterfeit.
These differences are not hidden; they are there only if you look well enough, even for an untrained eye.
You should also avail yourself of the fact that the use of counterfeits is punishable under the Nigerian constitution whether you’re aware or note because “ignorance is not an excuse in the court of law.”
Taking advantage of the marked differences between real and counterfeit Naira notes, I’m going to list ways you can identity counterfeits.
Through mercury bulbs
In the real paper Naira notes, there are some texts that are not visible to the unclad eye; they are only visible through the rays from a mercury bulb. So, to verify the authenticity of a Naira note, bring the said note in contact with rays from a mercury bulb. If it’s real, you’ll see a greenish-yellow glow of the note’s denomination across it. For example if it’s a ₦1000 note, you’ll see a glowing 1000 (in numbers) written across the note and smaller 1000 written on specific spots on it. The same goes for other paper denominations.
If the money is in a stack or bundle and you want to test for counterfeits, arrange the monies (it should be the same denomination all-through) properly (i.e. the front of each note in the bundle in contact with the back of the next note and top to top and bottom to bottom) and subject a side of it to rays from the mercury lamp, the greenish-yellow glow should be visible on the first and last note in the bundle if no counterfeit(s) is hiding in it. In the single note and the bundle (if properly arranged), absence of this greenish-yellow glow means the note or a note in the bundle is fake.
Sorry, I couldn’t get you the picture but the glow is very visible. Make sure to switch-off other light sources so as not to hamper the result. While mercury bulb is available at shops where electrical materials are sold, this method is preferable for business owners or people who handle bulk cash.
Through water or other liquids
The colours used in printing counterfeits are soluble in water and some other liquids while for real money are not. To know a fake Naira note, wet the suspected money or a part of it with water or any other liquid—I have only tried water and petrol—and scrub the wet part with your thumb. Counterfeits will wash-off their colours as you do this but real will not. Do you notice the way the colours of an artwork painted with water-colours wash-off when water touches it? That’s the kind of wash-off I mean.
Through the ribbons
On every paper money on the Naira is a thin silvery ribbon running from the top to the bottom of the note; it’s trashy on old notes.
In real note, you can feel and even pull-out this ribbon on some old notes. However, in counterfeits, there’s something that looks like a ribbon but it’s not—just paint. Try scratching that ribbon, it come off like the silver panel on a recharge card.
Paper and colour quality
While counterfeits are made of ordinary papers, real money is made of a special kind of paper. Feeling the paper-quality of counterfeits, you’ll find out that it’s just like that of paper found on the streets. The colours of counterfeits also betray it. The drawings on counterfeits are more blurry, blotchy and sometimes darker than real paper money.
Of the four methods listed above, the first, second and third are more reliable.
Source: http://mojidelano.com/2016/11/how-to-identify-fake-naira-notes/
By Adedapo Adesanya
Five securities pulled down the NASD Over-the-Counter (OTC) Securities Exchange by 1.72 per cent on Friday, August 14, cutting the market capitalisation by N47.04 billion to N2.689 trillion from N2.727 trillion, and slicing the NASD Security Index (NSI) by 78.37 points to 4,465.83 from 4,532.03 points.
11 Plc led the price decliners yesterday after its price went down by N15.03 to N230.00 per share from N245.03 per share. MRS Oil Plc weakened by N13.20 to N118.80 per unit from N132.00 per unit, Central Securities Clearing System (CSCS) Plc slid by N10.30 to N99.46 per share from N109.76 per share, Okitipupa Plc fell by N6.99 to N270.01 per unit from N277.00 per unit, and Afriland Properties Plc dipped by N2.00 to N20.00 per share from N22.00 per share.
Business Post reports that the OTC securities exchange recorded four gainers during the session, led by FrieslandCampina Wamco Nigeria Plc, which appreciated by N9.85 to N169.85 per unit from N160.00 per unit. IPWA Plc gained 70 Kobo to close at N10.41 per share versus N9.71 per share, Industrial and General Insurance (IGI) Plc rose by 4 Kobo to 54 Kobo per unit from 50 Kobo per unit, and Geo-Fluids Plc improved by 1 Kobo to N2.06 per share from N2.05 per share.
The volume of trades soared by 64.8 per cent to 3.2 million units from the previous session’s 1.9 million units, the value of transactions jumped by 78.2 per cent to N375.7 million from N210.8 million, and the number of deals surged by 35.3 per cent to 46 deals from 34 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 79.0 million units exchanged for N5.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The dominance of the bears on the Nigerian Exchange (NGX) Limited was consolidated on Friday, after further inflicting an 0.12 per cent loss at the close of trading activity.
All the key sectors of the local stock market turned red yesterday as a result of sustained profit-taking, though the industrial goods space was flat.
The insurance counter lost 1.49 per cent, the energy index shed 0.63 per cent, the consumer goods segment declined by 0.46 per cent, and the banking sector tumbled by 0.23 per cent.
Consequently, the All-Share Index (ASI) retreated by 398.18 points to 242,619.20 points from 243,017.38 points, and the market capitalisation receded by N257 billion to N156.624 trillion from N156.881 trillion.
Fortis Global Insurance lost 9.31 per cent to trade at N2.63, Omatek depreciated by 9.04 per cent to N1.51, John Holt slipped by 9.00 per cent to N9.10, RT Briscoe slumped by 7.94 per cent to N11.60, and Dangote Sugar went down by 7.79 per cent to N64.55.
But International Energy Insurance gained 9.92 per cent to sell for N5.32, Trans-Nationwide Express appreciated by 9.65 per cent to N2.84, Guinea Insurance improved by 6.67 per cent to 80 Kobo, Regency Alliance grew by 6.25 per cent to 85 Kobo, and Japaul jumped by 5.36 per cent to N2.95.
The market breadth index remained negative, with 30 price losers and 21 price gainers, indicating weak investor sentiment.
The level of activity contracted yesterday, with the trading volume, value, and number of deals down by 66.67 per cent, 10.65 per cent, and 5.60 per cent, respectively.
This was because market participants transacted 1.4 billion shares worth N45.3 billion in 39,134 deals during the session compared with the 4.2 billion shares valued at n50.7 billion traded in 41,454 deals on Thursday.
Fortis Global Insurance was the most active equity for the day, with a turnover of 874.1 million units valued at N2.4 billion, Cornerstone Insurance sold 100.3 million units worth N506.5 million, Universal Insurance traded 56.7 million units for N44.5 million, Sterling Holdings exchanged 53.3 million units worth N402.9 million, and MTN Nigeria transacted 44.6 million units valued at N31.4 billion.
By Adedapo Adesanya
The Naira maintained stability against the United States Dollar in the different segments of the foreign exchange (FX) market on Friday, August 14, according to data obtained by Business Post.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency remained unchanged at N1,357.65/$1, but lost N6.05 against the Pound Sterling to trade at N1,840.10 versus the previous session’s N1,834.05/£1, and depreciated against the Euro by N4.70 to sell for N1,571.70/€1 compared with the preceding day’s N1,567.00/€1.
At the black market, the Nigerian currency traded flat against the Dollar at N1,395/$1, but gained N3 at the GTBank forex desk to quote at N1,364/$1 versus Thursday’s exchange rate of N1,367/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX transactions surged by 51.2 per cent to $119.594 million from $79.097 million. These transactions were executed in 137 deals, higher than the 98 deals recorded a day earlier.
FX inflows from exporters, remittances and other sources, alongside demand from importers and individuals requiring Dollars, continue to shape market conditions.
Meanwhile, the cryptocurrency market recovered yesterday after experiencing a downturn in the previous sessions following reports that index provider MSCI has proposed new “non-operating company” screens for its Global Investable Market Indexes. Although the framework does not explicitly target cryptocurrency, it evaluates whether a company’s core operating assets constitute more than 50 per cent of its total holdings.
Heavy digital asset treasury adopters, including Strategy and Metaplanet, fail the proposed criteria and face potential removal during upcoming index rebalancings. While inclusion in major equity benchmarks previously allowed passive index funds and ETFs to automatically acquire these stocks, their removal could trigger forced institutional selling.
Dogecoin (DOGE) grew by 0.7 per cent to $0.07, Binance Coin (BNB) expanded by 0.6 per cent to $611.34, Ethereum (ETH) added 0.4 per cent to trade at $1,879.65, and Bitcoin (BTC) increased by 0.2 per cent to $63,045.87, with Ripple (XRP), the US Dollar Tether (USDT), and the US Dollar Coin (USDC) flat at $1.00, respectively.
But Cardano (ADA) lost 1.2 per cent to trade at $0.1795, TRON (TRX) shed 0.4 per cent to finish at $0.3323, and Solana (SOL) declined by 0.2 per cent to $75.60.
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