Connect with us

Economy

How To Identify Fake Naira Notes

Published

on

How To Identify Fake Naira Notes

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/

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Click to comment

Leave a Reply

Economy

FX Traders Sell $1.0bn Customers on I&E Window in Five Days

Published

on

FX Traders

By Sodeinde Temidayo David

In five days, the total value of transactions at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market stood at $1.0 billion.

This was from the data gathered by Business Post from the FMDQ Securities Exchange, which tracks transactions at the official exchange window of the country.

It was observed that the turnover achieved at the I&E window last week was 38.5 per cent or $278.5 million higher than the $724.1 million recorded at the preceding week.

The value of transactions by FX traders at the market segment was between Monday, September 13 and Friday, September 17, 2021.

The information gathered by this newspaper showed that the turnover recorded a significant rise as a result of the panic witnessed at the forex market last week as the value of Naira was being battered by the demand for foreign currencies, especially the Dollar, at the black market.

Both offshore and domestic investors were converting their Naira holdings to Dollars to protect the value of their investments in the country.

A breakdown of the daily transactions showed that last Monday, the value of traders stood at $229.79 million and the next day, it went down to $126.96 million.

At the midweek session, the turnover skyrocketed to $308.92 million before coming down to $175.10 million and further down to $161.82 million at the last trading session of the week.

It was observed that the turnover last Wednesday occurred ahead of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) and investors were sceptical of the outcome, especially when at the previous MPC meeting, the apex bank announced the ban on the sale of FX to Bureaux De Change (BDC) operators.

Last Friday, while addressing newsmen after the two-day meeting, Mr Godwin Emefiele, Governor of the CBN, maintained that the ban remains and further said all forex users should use the I&E rate for their transactions, indicating that there was no more parallel market rate.

A look at the performance of the local currency at the I&E segment during the week indicated that it depreciated against the Dollar by 0.21 per cent or 88 kobo, closing at N412.88/$1 in contrast to the preceding week’s N412.00/$1.

Analysis showed that on Monday, the domestic currency was exchanged at N412.75/$1 but appreciated to N412.08/$1 on Tuesday and was further strengthened to N412.06/$1 on Wednesday before crashing to N413.07/$1 on Thursday and then appreciated to N412.88/$1 the next day.

At the interbank segment, the domestic currency lost 9 kobo or 0.02 per cent against the US Dollar to close at N410.57/$1 compared with the previous week’s N410.48/$1.

Continue Reading

Economy

Nigeria’s FX Reserves Swell to $35.4bn Amid Oil Production Shortfall

Published

on

Oil Production Shortfall

By Ashemiriogwa Emmanuel

The external reserves of Nigeria, the largest economy in Africa, grew by 1.7 per cent in one week to $35.4 billion from $34.8 billion, data obtained by Business Post has revealed.

The Central Bank of Nigeria (CBN), which publishes the amount left in the nation’s account, disclosed that on Thursday, September 9, 2021, the foreign exchange (FX) buffers stood at $34.8 billion but expanded to $35.4 billion on Thursday, September 16.

The week-on-week growth happened few days after the Organization of the Petroleum Exporting Countries (OPEC) release its latest report which showed that the nation’s crude oil production fell to 1.239 million barrels per day in the month of August.

The organization, in its monthly oil market report last Monday, said that the development represented a 6.7 per cent drop from the 1.323 million barrels per day Nigeria recorded in July.

Despite the performance of the Nigerian oil in the international market as its principal source of forex flows, the nation’s external reserves, in recent weeks, have maintained an upward trend which could be attributed to earnings from other sources, including non-oil exports, capital importation, as well as foreign investment flows.

The recent rise in the price of crude oil has been the major reason, covering up in the oil production shortfall. It means if Nigeria produces 1.2 million barrels of crude oil at a global price of $70 per barrel, it earns $84 million but when it produces 1.3 million barrels at $50, it only earns $65 million.

A look at the movement in the country’s reserves showed that on September 9, the total amount in the external savings stood at $34.8 billion but the next day, the buffers increased by $79.9 million to $34.9 billion.

On the first business day of last week, the reserves gained about $250 million to close at $35.1 billion and on Tuesday, September, 14, the forex reserves rose by $82.2 million to $35.3 billion and at the midweek, the amount jumped to $35.4 billion.

Business Post reports that the total amount in the country’s external reserves is projected to hit $40 billion by the end of October 2021 as a result of the proposed $3 billion Eurobond sale slated for the month.

Continue Reading

Economy

Food Concepts, Others Slice NASD Market Cap by 0.3% in Week 37

Published

on

Food Concepts Chicken Republic

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange was last week (Week 37) trimmed by 0.03 per cent or N1.87 billion to N639.47 billion from N641.34 billion it ended in Week 36.

Business Post reports that the loss was influenced by three of the securities on the bourse, with Food Concepts Plc losing 6.3 per cent to settle at 75 kobo per share compared with the preceding week’s 80 kobo per share.

Also, Nigerian Exchange (NGX) Group Plc went down by 20.7 per cent to close at N12.84 per unit in contrast to the previous rate of N16.20 per unit, while Acorn Petroleum Plc decreased by 11.8 per cent to 15 kobo per share from 17 kobo per share.

As a result of the fall in these equities, the NASD Unlisted Security Index (NSI) reduced by 2.15 points to settle at 735.72 points as against 737.87 points of the previous week.

In the week, two securities closed on the gainers’ chart and they were NASD Plc and FrieslandCampina WAMCO Nigeria Plc.

NASD Plc appreciated last week by 40 per cent to N7.14 per unit from N5.10 per unit, while Friesland improved by 0.8 per cent to trade at N122 per share in contrast to the previous close of N121.50.

Last week, there was a 78.6 per cent decrease in the total value of shares traded by investors to N237.0 million from N1.1 billion, while the volume of stocks increased by 104.6 per cent to 20.9 million units from 10.3 million of the previous week, with the number of deals rising by 60.2 per cent to 165 trades from 103 trades.

At the close of the week, NGX Group Plc was the most traded security by volume with 15.3 million units. NASD Plc traded 2.3 million units, Food Concepts Plc exchanged 2.2 million units, Acorn Petroleum Plc transacted 880,000 units, while Air Liquide Plc traded 100,000 units.

In terms of the value of trades in the week, NGX Group Plc also topped with N211.2 million, NASD Plc traded N13.6 million, Friesland Plc recorded N8.4 million, Food Concepts Plc posted N1.7 million, while CSCS Plc expended N1.2 million.

In the year so far, NSI Year-to-date returns stood at 0.8 per cent, while investors have transacted 1,963,561,193 units of shares worth N16.1 billion in 4,128 deals.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: