Why New Naira Notes Can't Be Counterfeited - Emefiele

0 18

The new naira notes, according to CBN governor Godwin Emefiele, cannot be counterfeited because of their "security characteristics."

After President Muhammadu Buhari unveiled the newly designed N200, N500, and N1,000 notes on Wednesday in Abuja, Emefiele addressed the media.

Godwin Emefiele and President Muhammadu Buhari
Godwin Emefiele showing President Muhammadu Buhari the new naira notes

The head of CBN said that an ultraviolet (UV) light can be used to verify the validity of the new notes.

He claimed that individuals engaging in money fraud had lost the "game."

"Let me tell you this, these notes cannot be counterfeited because of the security features in them; nobody can counterfeit them,” Emefiele said.

“What you could only find will be people making photocopies of these notes. If you follow due process to check the authenticity of a currency and take them through the UV (ultraviolet) light, you will find that this currency cannot be counterfeited. The best you will find is photocopies.

“What I am trying to say is that to reduce that incidence of counterfeiting or photocopying, that is why we are saying that the CBN must now, without waiting every five to eight years, redesign and reissue these notes.

“So that those who think they can take advantage of the system by counterfeiting will know that the game is over for them.” The Central Bank Governor also stated that it will put a benchmark on withdrawals from the counter.


©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.
Leave A Reply

Your email address will not be published.

Translate »